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The following transactions occurred for notes, record in general journal form. March 1 Sold merchandise on account to Maya Company for P 18,000. The cost

The following transactions occurred for notes, record in general journal form. March 1 Sold merchandise on account to Maya Company for P 18,000. The cost of the merchandise was P14,500. April 1 Received a P18,000, 90-day, 10% note from Maya Company. May 1 Discounted the note at Dumaguete Bank at 12% for 30 days

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