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Entries for discounting notes payable
TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%.
a. Journalize TKR Enterprises' entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
b. Journalize Sweeney Industries' entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.
how to prepare the reversing entries from the adjusting entries as follows and tranferrer to the ledger ? advertising
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