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In your paper-based submission, prepare journal entries to record the following transactions entered into by the TaylorMade Golf Company (you may omit descriptions): 2021 July
In your paper-based submission, prepare journal entries to record the following transactions entered into by the TaylorMade Golf Company (you may omit descriptions): 2021 July 1 Received a $50,000, 8%, 1-year note from GolfStore as full payment on their account. Nov. 1 Sold merchandise on account to Golf Galaxy, Inc., for $25,000, terms 3/10, n/30. Nov. 5 Golf Galaxy, Inc., returned merchandise worth $5,000. Nov. 9 Received payment in full from Golf Galaxy, Inc. Dec. 31 Accrued interest on GolfStore's note. 2022 July 1 GolfStore paid off their promissory note by sending the face amount plus interest. TaylorMade Golf uses the periodic inventory system (you may omit cost of goods sold entries)
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