U-build it warehouse issues a 45-day note for 800000 to, Ask an Expert

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U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%. For a compound transaction, if an amount box does not require an entry, leave it blank.

a. Journalize U-Build It Warehouse's entries to record: (1) the issuance of the note and (2) the payment of the note at maturity
b. Journalize Thomson Home Furnishings Co.'s entries to record: (1) the receipt of the note and (2) the receipt of the payment of the note at maturity.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975001

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