During 2016, Jackson Company borrowed money at State Bank and Trust on two occasions. On June 8,

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During 2016, Jackson Company borrowed money at State Bank and Trust on two occasions. On June 8, the company borrowed $27,000, giving a 120-day, 7 percent note, and on September 8, the company discounted at 7 percent a $30,000, 90-day note payable.

1. Give entries in general journal form to record issuance of each of these notes.

2. Record in general journal form issuance of a check to pay each note.

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College Accounting Chapters 1-30

ISBN: 978-0077862398

14th edition

Authors: John Price, M. David Haddock, Michael Farina

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Question Posted: Dec 05, 2016 10:32 AM

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During 2016, Jackson Company borrowed money at State Bank and Trust on two occasions. On June 8,

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GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT CREDIT 2016 June 8 Cash 27 0 0 0 00 Notes ...View the full answer

College Accounting Chapters 1-30

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