Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts

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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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Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Feb 28, 2014 08:42 AM

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Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts

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a 1 Merchandise Inventory 792000 Interest Exp...View the full answer

Corporate Financial Accounting

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