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Tammy Inc. held a one-year, $3,000, 8 percent interest-bearing note receivable. After holding it for 2 months, the company discounted (sold) it to the
Tammy Inc. held a one-year, $3,000, 8 percent interest-bearing note receivable. After holding it for 2 months, the company discounted (sold) it to the bank at 10 percent. REQUIRED: Show the entry to record the sale of the note. Assume interest revenue is not recorded before the note is discounted. (7 MARKS)
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The entry to record the sale of the note would be Cash 2900 Discount on Note Receivable 100 Note ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
