Swain Enterprises issues a 60-day note for $800,000 to Hill Industries for merchandise inventory. Hill Industries discounts
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' 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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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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