Question
Gaber Co. lends Ameer Co. $40,000 on June 1, accepting a four-month, 6% interest note. If Gaber Wolder presents the note to Ameer Co. on
Gaber Co. lends Ameer Co. $40,000 on June 1, accepting a four-month, 6% interest note.
If Gaber Wolder presents the note to Ameer Co. on Oct. 1, the maturity date, and receive the amount.
Prepare the journal entries
Date |
| Debit | Credit |
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Question 4:
On June 1, Naser Co. lent Yazan Co. $60,000, and accept a two-month, 5% interest note.
On Aug. 1, the maturity date, Naser Wolder presented the note to Yazan Co. but Yazan refused to pay the amount.
Prepare the journal entries
Date |
| Debit | Credit |
|
|
|
|
|
|
|
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Step by Step Solution
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
