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On May 15, 201X, Rick Co. gave Tang Co. a 180-day, $15,000, 6% note. On July 14, Tang Co. discounted the note at 8%.
On May 15, 201X, Rick Co. gave Tang Co. a 180-day, $15,000, 6% note. On July 14, Tang Co. discounted the note at 8%. Assume a 360-day year. a. Journalize the entry for Tang to record the proceeds. b. Record the entry for Tang if Rick fails to pay at maturity. (Record debits first, then credits. Exclude explanations from journal entries.) a. Journalize the entry for Tang to record the proceeds. Date Journal Entry Accounts PR Dr. Cr.
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
