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QUESTION 1 Show the required entry if we are only able to pay $1,000 on our...

QUESTION 1

  1. Show the required entry if we are only able to pay $1,000 on our $4,000 account and the supplier agrees to replace the balance with a 2% 90 day note.

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Answer #1

journal entry:

account title debit credit

accounts payable

cash

notes payable

$4000

.

.

.

$1000

$3000

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