Master Designs Decorators issued an 180-day, 4% note for $76,800, dated May 14, 2016, to Morgan Furniture Company on an account.
Required:
Journalize the entries to record the following: (1) receipt of the note by Morgan Furniture and (2) receipt of payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles
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DATE
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DESCRIPTION
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POST. REF.
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DEBIT
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CREDIT
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1
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?
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?
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2
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