Question: 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

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 Morrison Industries entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity.

JOURNAL PAGE

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

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