FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 tides. CNOWjournals do not use
lines forfourmal explanations. Every line on a journal page is used for debit or credit entries. CNOWjournals will automatically indent a credit
entry when a credit amount is entered)
1he issuance of the note on January1.
2. the paymentof 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 tidles. CNOW journals do not use
Vines 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 creditamount is entered).
1. the receipt of the note on January 1.
2,the receiptof the payment of the note at matuUrity Assume a 360-day year. Round amounts to the nearest whole dollar.
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Transcribed Image Text:Instructions 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 tides. CNOWjournals do not use lines forfourmal explanations. Every line on a journal page is used for debit or credit entries. CNOWjournals will automatically indent a credit entry when a credit amount is entered) 1he issuance of the note on January1. 2. the paymentof 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 tidles. CNOW journals do not use Vines 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 creditamount is entered). 1. the receipt of the note on January 1. 2,the receiptof the payment of the note at matuUrity Assume a 360-day year. Round amounts to the nearest whole dollar.
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