On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14,
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On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%.
1. Journalize the entry for Silver to record the proceeds.
2. Record the entry for Silver if Ramon fails to pay at maturity.
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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