Recording transactions involving notes payable. Give the general journal entry to record each of the following transactions

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Recording transactions involving notes payable. Give the general journal entry to record each of the following transactions for Dennis Company: 1. Issued a 6-month, 9 percent note for $85,000 to purchase two forklifts on May 14, 2016 (debit Warehouse Equipment). 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $39,000 at the Nelson Bank and Trust on May 28, 2016. The bank charged a discount rate of 10 percent

Posted Date: May 18, 2024 10:15 PM

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Recording transactions involving notes payable. Give the general journal entry to record each of the following transactions

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