Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.a. Journalize Cosimo Enterprises’ entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. Journalize Dixon Industries’ entries to record:1. the receipt of the note.2. the receipt of the payment of the note at maturity.
Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.a. Journalize Cosimo Enterprises’ entries to record:1. the issuance of the note.2. the payment of the note at maturity.b. Journalize Dixon Industries’ entries to record:1. the receipt of the note.2. the receipt of the payment of the note at maturity.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 15EA: Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise....
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Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.
a. Journalize Cosimo Enterprises’ entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Dixon 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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