Question
Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory. Required: A. Journalize Griffin Enterprises entries to record (refer to the
Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory. Required: A. Journalize Griffin Enterprises entries to record (refer to the companys Chart of Accounts for exact wording of account titles): 1. the issuance of the note on January 1. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Romo Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles): 1. the receipt of the note on January 1. 2. the receipt of the payment of the note at maturity. Assume a 360-day year.
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