Question: Entries for Discounting Notes Payable Swain Enterprises issues a 60- day note for $ 800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the

Entries for Discounting Notes Payable

Swain Enterprises issues a 60- day note for $ 800,000 to Hill Industries for merchandise inventory. Hill Industries discounts the note at 6%.

Assume a 360- day year. For a compound transaction,

a. Journalize Swain Enterprises' entries to record:

1. the issuance of the note.

2. the payment of the note at maturity.

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