George asks…The following items were selected from among the transactions completed by Sounds and Sight Stores during the?current year.
Apr. 7. Borrowed $36,000 from First Financial Company, issuing a 6(}.day, 8% note for that amount.
May 10. Purchased equipment by issuing a $125,000, 120.day note to Milford Equipment Co., which discounted the note at the rate of 6%.
June 6. Paid First Financial Company the interest due on the note of April 7 and
renewed the loan by issuing a new 3O.day,
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