Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. a. Journalize Laughlin
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Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.
a. Journalize Laughlin Enterprises’ entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Dixon Industries’ entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity.
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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