Instructions

Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory.

Required:

A.

Journalize Griffin Enterprises entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the issuance of the note on January 1.
2.	the payment of the note at maturity. Assume a 360-day year.

B.

Journalize Romo Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.

the receipt of the note on January 1.

2.

the receipt of the payment of the note at maturity. Assume a 360-day year.

Journal- Griffin Ent

A.

Journalize Griffin Enterprises entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the issuance of the note on January 1.
2.	the payment of the note at maturity. Assume a 360-day year.

B.

Journalize Romo Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the receipt of the note on January 1.
2.	the receipt of the payment of the note at maturity. Assume a 360-day year.

Journal - Romo Ind

A.

Journalize Romo Industries entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the receipt of the note on January 1.
2.	the receipt of the payment of the note at maturity. Assume a 360-day year.