Question: 1. General Appliance Co. issues a 120 day note for $300,000 to Smith Inc. for merchandise inventory Inc. discounts the note at 12%. a. Journalize

a. Journalize General Appliance entries to record: 1) The issuance of the

note. 2) The payment of the note at maturity. Journalize Smith Inc.

to record: 1) The receipt of the note. b. 2) The receipt

1. General Appliance Co. issues a 120 day note for $300,000 to Smith Inc. for merchandise inventory Inc. discounts the note at 12%. a. Journalize General Appliance entries to record: 1) The issuance of the note. 2) The payment of the note at maturity. Journalize Smith Inc. to record: 1) The receipt of the note. b. 2) The receipt of the payment of the note at maturity

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