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Dignity can play a role it should not. The dignity comes into effect if and when a party concerned is unable to participate fully in an activity of society in the event of insufficient funds for any item/purchase/luxury suggestively needed for this activity.
We are given,
60-day 10%, $4,500 note accepted by Hong Company from Indigo Company.
The journal entry needed to record the transaction by Indigo Company is cash payment or disbursement journal. This contains all transactions with payments and disbursements. This includes overdue accounts and accounts payable. <span />