Question

Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the note at 6%.
a. Journalize Swain Enterprises' entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Hill 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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  • CreatedFebruary 28, 2014
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