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  • Journalize The Following Entries For 1 The Buyer and 2: Unlock Answers Here Solutiondone - Online

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    (1) For the buyer (Reed Company): A debit to Merchandise Inventory and credit to Accounts Payable for the purchase of $9,500 of goods on June 11. A debit to Cash and credit to Notes Payable for issuing an 8% note for $4,500 to extend the past due account on July 11. (2) For the seller (Lewis Company): A credit to Accounts Receivable and debit to Sales Revenue for $9,500 of goods sold on June 11. A credit to Notes Receivable and debit to Accounts Receivable for receiving the $4,500, 8% note on July 11 extending the past due amount.

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    (1) For the buyer (Reed Company): A debit to Merchandise Inventory and credit to Accounts Payable for the purchase of $9,500 of goods on June 11. A debit to Cash and credit to Notes Payable for issuing an 8% note for $4,500 to extend the past due account on July 11. (2) For the seller (Lewis Company): A credit to Accounts Receivable and debit to Sales Revenue for $9,500 of goods sold on June 11. A credit to Notes Receivable and debit to Accounts Receivable for receiving the $4,500, 8% note on July 11 extending the past due amount.

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    Journalize The Following Entries For 1 The Buyer and 2: Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
    (1) For the buyer (Reed Company): A debit to Merchandise Inventory and credit to Accounts Payable for the purchase of $9,500 of goods on June 11. A debit to Cash and credit to Notes Payable for issuing an 8% note for $4,500 to extend the past due account on July 11. (2) For the seller (Lewis Company): A credit to Accounts Receivable and debit to Sales Revenue for $9,500 of goods sold on June 11. A credit to Notes Receivable and debit to Accounts Receivable for receiving the $4,500, 8% note on July 11 extending the past due amount.

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    Journalize the following entries for 1 the buyer and 2

    Journalize the following entries for 1 the buyer and 2

    Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the
    buyer first. Both companies use the periodic inventory method.
    201X
    June 11 Lewis Company sold $9,500 of merchandise on account to Reed Company.
    July 11 Lewis Company received a 90-day, $4,500, 8% note for a time extension of past due
    account of Reed Company.
    Oct. 9 Collected the Reed Company note on the maturity date.
    Oct. 9 Assume Reed Company defaulted on its July 11 note and record the dishonored note.
    Oct. 15 Reed Company paid the note receivable that was dishonored on October 9 (no
    additional interest is charged).

    Journalize the following entries for 1 the buyer and 2


    SOLUTION-- http://solutiondone.online/downloads/journalize-the-following-entries-for-1-the-
    buyer-and-2/

    Unlock answers here solutiondone.online

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