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The receipt of the payment of the note at


Giffin Enterprises issues a $660,000, 45-day 4% note to Romo Industries for merchandise inventory.

a) Journalize Giffin Enterprises' entries to record:

1. the issuance of the note.

2. the payment of the note at maturity.

b) Journalize Romo Industries' entries to record:

1. the receipt of the note

2. the receipt of the payment of the note at maturity.

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Accounting Basics: The receipt of the payment of the note at
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