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X bought goods from Y for $ 12,000. Y draws a bill on 1.1.2016 for 3 months which was accepted by X for this
X bought goods from Y for $ 12,000. Y draws a bill on 1.1.2016 for 3 months which was accepted by X for this purpose. On 1.3.2016, X arranged to retire the bill at a rebate of 12% p.a. Show the entries in the books of X and Y.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
9th Edition
125972266X, 9781259722660
