FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

journalize the following entries on the books of the borrower.  Assume a 360-day year.

 

January 1

Aggie Co. purchased merchandise on account from Low Co. for $40,000.

January 30

Aggie Co. issued a 60-day, 6% note for $40,000

March 29

Aggie Co. paid the amount due at maturity



Date


Account Title


Debit


Credit

Jan 1

 

 

 
 

 

 

 

 

 

 

 

Jan 30

 

 

 

 

 

 

 

 

 

 

 

March 29

 

 

 

 

 

 

 
 

 

 

 

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