Irwin purchases $7,000 of merchandise from Stamford on December 16, 2011. Stamford accepts…


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29.99

Irwin purchases $7,000 of merchandise from Stamford on December 16, 2011. Stamford accepts… 1 answer below » 1. Irwin purchases $7,000 of merchandise from Stamford on December 16, 2011. Stamford accepts Irwin’s $7,000, 90-day, 12% note as payment. Stamford’s accounting period ends on December 31, and it does not make reversing entries. Prepare entries for Stamford on December 16, 2011, and December 31, 2011. 2. Using the information in Quick Check 8, prepare Stamford’s March 16, 2012, entry if Irwin dishonors the note. Jul 18 2014 01:00 PM

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