Question
July 31 Sold merchandise to Favre Corporation for $15,000 and accepted an 8%, 6-month note. 8% is an appropriate rate for this type of note.
July 31 Sold merchandise to Favre Corporation for $15,000 and accepted an 8%, 6-month note. 8% is an appropriate rate for this type of note.
Sept. 30 Sold the Favre Corporation note to a local bank. The bank's discount rate is 12%. The note was sold without recourse.
Prepare the necessary journal entries
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Managerial Accounting
Authors: Sivaramakrishna, Ramji Balakrishnan
1st Edition
0471467855, 978-0471467854
