Question

U-Construct It Warehouse issues a 30-day, 5% note for $700,000 to Thornton Home Furnishings Co. for inventory.
a. Journalize U-Construct It Warehouse's entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Thornton Home Furnishings Co.'s entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity.


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  • CreatedSeptember 15, 2015
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