June 1 Rosman Co. gave Mirror Co. a $3,000, 90-day, 6% note to extend the time for
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Question:
| June | 1 | Rosman Co. gave Mirror Co. a $3,000, 90-day, 6% note to extend the time for payment of its account. |
| 20 | Mirror Co. borrowed $2,000 for 60 days from Kaw County Bank on a non-interest-bearing note. The discount rate was 7%. | |
| July | 1 | Mirror Co. discounted Rosman Co.'s note at Lawrence Bank at a discount rate of 7%. |
| Aug. | 19 | Mirror Co. paid the $2,000 non-interest-bearing note to Kaw County Bank. |
| 30 | Rosman Co.'s $3,000 note (see June 1 transaction) was collected by Lawrence Bank. (Treat Lawrence Bank as the other party.) |
Required:
| Prepare general journal entries on the books of both Mirror Co. and the other party (either Rosman Co., Kaw County Bank, or Lawrence Bank) for each of the above transactions. |
Expert Answer:
Sure Here are the general journal entries for each transaction June 1 Rosman Co gives Mirror Co a 30... View the full answer
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