Chapter 1 Problem 6-3
March 1 Cash 2,000,000
Note payable – bank 2,000,000
April 1 Cash 980,000
Sales discount 20,000
Accounts receivable 1,000,000
June 1 Cash 2,000,000
Accounts receivable 2,000,000
Sept. 1 Note payable – bank 2,000,000
Interest expense (12% x 2,000,000 x 6/12) 120,000
Cash 2,120,000
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