Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note
Question:
Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%.
a. Journalize Ramsey's entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Buckner's entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity?
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a 1 Merchandise Inventory 793000 Interest Expe...View the full answer
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Related Book For 
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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