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Journalize the entry for brown to record the proceeds

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Reference no: EM131913065

Problem

On May 15, 201X, Radford Co. gave Brown Co. a 180-day, $8, 600, 8% note. On July 14, Brown Co. discounted the note at 10%.

a. Journalize the entry for Brown to record the proceeds.

b. Record the entry for Brown if Radford fails to pay at maturity.

Reference no: EM131913065

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