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Prepare journal entries to record the transactions

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Reference no: EM133161402

Question - Walleye Company provided the following transactions:

Jan. 1 The entity sold merchandise for P500,000 accepting a note of P500,000 for six months with interest to be paid at maturity at 12%.

March 1 The entity discounted the note without recourse at the local bank at 15%.

July 1 The customer paid the bank in full.

Required - Prepare journal entries to record the transactions.

Reference no: EM133161402

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