Ramsey Company issues an $625,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 4%. Required: a. Journalize Ramsey's entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the issuance of the note on January 1. 2. the payment of the note at maturity. Assume a 360-day year. Round amounts to the nearest whole dollar. b. Journalize Buckner's entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the receipt of the note on January 1. ? the receint of the payment of the note at maturity. Assume a 360-day year. Round amounts to the nearest whole dollar.

Ramsey Company issues an $625,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 4%. Required: a. Journalize Ramsey's entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the issuance of the note on January 1. 2. the payment of the note at maturity. Assume a 360-day year. Round amounts to the nearest whole dollar. b. Journalize Buckner's entries to record (refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered): 1. the receipt of the note on January 1. ? the receint of the payment of the note at maturity. Assume a 360-day year. Round amounts to the nearest whole dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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