Albatross Enterprises had previously purchased inventory for $7,800 (G.S.T. inclusive) from All-Seas Suppliers on credit.

On 2 February 2020 All Seas Suppliers agreed to accept a 60 day (due date fixed) bill of exchange from Albatross Enterprises to cover the amount of the account payable together with interest at 5 % p.a.
Prepare the general journal to record:

a. the issue of the bill payable on 2 February 2020.

b. payment of the bill payable at the expiry of the bill payable.

Answer rating: 100% (QA)

Ans Date Journal Debit Amount Credit Amount 020220... View the full answer