Purchased furniture and fixtures
How do make the transaction for: Purchased furniture and fixtures for $14,000, plus sales tax of $1,000, by issuing a 10% short-term note payable due in monthly installments of $2,500.00 principal plus interest for six months.
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ABC Wholesalers sells products exclusively to XYZ Retailer. XYZ Retailer buys exclusively from ABC Wholesalers. ABC Wholesalers has a receivables period of 44 days, an inventory period of 8 days, and a payables period of 63 days.
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