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The Schwarzbach Corporation is a calendar year corporation. On August 1, 2020, it sold $1,125,000 of merchandise to the Martin Corporation. Since Martin did not
The Schwarzbach Corporation is a calendar year corporation. On August 1, 2020, it sold $1,125,000 of merchandise to the Martin Corporation. Since Martin did not expect to be able to pay for the goods within the month, so it signed an 8%, 7 month note. Prepare the entries relating to the note that Schwarzbach will need to make on the following dates a. August 1, 2020 (date of note) b. December 31, 2020 (end of year) C. March 1, 2021 (7 months later date note is due)
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