FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On April 12, Hong Company
agrees to accept a 60-day, 10%,
$4,500 note from Indigo
Company to extend the due date
on an overdue account. What is
the journal entry that Indigo
Company would make when it
records payment of the note on
the maturity date?
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Transcribed Image Text:On April 12, Hong Company agrees to accept a 60-day, 10%, $4,500 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make when it records payment of the note on the maturity date?
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