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Prepare the journal entries used by Salazar company

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Reference no: EM132542540

Question - The following transactions occured between Salazar company (the seller) and Bautista Company (the buyer)

April 19,2007 Salazar company sol Php 800 in merchandise to Bautista Company on account with terms n/30.

May 19,2007 Salazar Company granted Bautista company a 90 day extension on the account receivable. Bautista Company signed a Php 800,000, 10%, 90 day note as evidence of the time extension.

August 17,2007 Bautista Company paid Salazar company the amount due on the note.

Required -

A) Prepare the journal entries used by Salazar company to record the sales and the note receivable. Assume that the cost of merchandise sold to Bautista company was Php 500,000.

B) Prepare the journal entries used by Bautista Company to record the purchase and the note payable.

Reference no: EM132542540

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