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Nov 1, 2019. Tom Retailer sold on account merchandises to Customer A valued at $150,500, credit terms 2/10,n/30. Feb 1, 2020. Customer A, converted its
| Nov 1, 2019. Tom Retailer sold on account merchandises to Customer A valued at $150,500, | |||||||||
| credit terms 2/10,n/30. | |||||||||
| Feb 1, 2020. Customer A, converted its accounts receivable into a notes receivable by signing a promissory | |||||||||
| note with a 12% annual interet rate for 7 months. | |||||||||
| Sep 1, 2020. Settlement date | |||||||||
| Prepare the September 1, 2020 Journal entry in Tom Retailer's books. | |||||||||
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The Classification And Coding Of Accounting Information
Authors: R. Fox
2nd Edition
0948036885, 978-0948036880
