Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. a. Journalize Laughlin

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Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.

a. Journalize Laughlin Enterprises’ entries to record:

1. The issuance of the note.

2. The payment of the note at maturity.

b. Journalize Dixon 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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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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Question Posted: Apr 09, 2021 02:03 PM

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Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. a. Journalize Laughlin

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