Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.

a. Journalize Laughlin Enterprises entries to record: 1. the issuance of the note. 2. the payment of the note at maturity.

b. Journalize Morrison Industries entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity.

JOURNAL PAGE

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