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

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

a. Journalize Swain Enterprises' entries to record:

1. The issuance of the note.

2. The payment of the note at maturity.

b. Journalize Hill Industries' entries to record:

1. The receipt of the note.

2. The receipt of the payment of the note at maturity.


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