Journalize the following transactions of Upton Drugs: July 8 Received a $180,000, 90-day, 8% note dated July
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Question:
Journalize the following transactions of Upton Drugs:
July 8 Received a $180,000, 90-day, 8% note dated July 8 from Miracle Chemical on account.
Oct. 6 The note is dishonored by Miracle Chemical.
Nov. 5 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to Miracle Chemical on Oct. 6.
Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest.
(8 journal boxes to fill)
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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