FINAN. AND MANAGERIAL ACCT. CONNECT+PROC
FINAN. AND MANAGERIAL ACCT. CONNECT+PROC
9th Edition
ISBN: 9781265925239
Author: Wild
Publisher: MCG CUSTOM
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Chapter 7, Problem 14QS
To determine

Concept Introduction: Promissory note is a written promise to pay a specified amount of money. Promissory notes are used in many transactions such as payment for products and services, lending, or borrowing. Promissory notes are generally preferred when the credit period is long or when customers request additional time to pay the dues.

The journal entries assuming the note is honored by the customer on October 31 of the same year.

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