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College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter D, Problem 6P
Textbook Problem

Prepare entries in general journal form to record the following:

June 12    Sold merchandise on account to K. Perrot; terms n/30; $1,740.

July 12        Received $740 in cash from K. Perrot and a 60-day, 7 percent note for $1,000, dated July 12.

Aug. 17    Discounted the note at the bank at 7.5 percent.

Check Figure

8/17 Cash, $1006.61

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