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kherson [118]
3 years ago
12

Knowledge Check 01 Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount o

wed is now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
lubasha [3.4K]3 years ago
7 0

Answer:

Journal Entry is as follows;

June 15

<em>DR</em> Accounts Payable <u>$1,000</u>

<em>CR</em> Cash <u>$400</u>

<em>CR</em> Notes Payable <u>$600</u>

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