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Giorgio Italian Market bought $9.600 worth of merchandise from Food Suppliers and signed a 45-day, 8% promissory note for the $9,600. Food Supplier's journal entry
Giorgio Italian Market bought $9.600 worth of merchandise from Food Suppliers and signed a 45-day, 8% promissory note for the $9,600. Food Supplier's journal entry to record the sales transaction is: Multiple Choice Debit Accounts Receivable 59.600 credit Sales 59.600. Debit Accounts Receivable $9,696; Credit Sales $9.696 Debit Notes Receivable $9.696. credit Sales 59.696 Majesty Productions accepted a $7,200, 120-day, 6% note from Swartz Studio on March 1. On the date the note matures, Swartz is unable to pay, but Majesty intends to continue collection efforts. What entry should Majesty record on the maturity date for this dishonored note? Multiple Choice Debit Accounts Receivable 57,200, credit Notes Receivable 57.200 Debit Accounts Receivable 37.200 credit Allowance for Doubtful Accounts $7.200 Debit Bad Debt Expense 57.344 credit Notes Receivable $7.344
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