Question: Show work please! Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box

Show work please! Show work please! Laughlin Enterprises issues a $130,000, 45-day, 6% note to

Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Journalize Laughlin Enterprises' entries to record: 1. the issuance of the note. 2. the payment of the note at maturity. 1. Merchandise Inventory Notes Payable 2. Notes Payable Interest Expense Cash Feedback Check My Work Partially correct b. Journalize Morrison Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity. 1. Notes Receivable Sales 2. Cash Notes Receivable Interest Revenue 00 000

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