Bonavista Outdoors Store sells on account. When a customer account becomes three months old, Bonavista Outdoors Store
Question:
May 29 Sold goods on account to Raj Diwali, $9,600.
Sep. 1 Received an $8,000, 60-day, 8 percent note and cash of $1,600 from Raj Diwali in satisfaction of his past-due account receivable.
1 Sold the Diwali note by discounting it to a bank for proceeds of $7,440.
Required
Record the transactions in Bonavista Outdoors Store's journal.
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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