Harley signs a check payable to Pro Accountants, P. C., and gives it to Pro, leaving the amount blank but authorizing the firm to fill in the check for $10,000. Pro fills in $15,000 and negotiates the check to Valley Bank, to whom Pro owes $15,000.
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Marconi Co. has the following information available for the current year: Net Sales $ 762,000 Bad Debt Expense 48,000 Accounts Receivable, Beginning of Year 132,000 Accounts Receivable, End of Year 67,000 Allowance For Doubtful Accounts, Beginning
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Lewis Company had the following transactions involving notes payable. July 1, 2015 Borrows $50,500 from First National Bank by signing a 9-month, 8% note. Nov. 1, 2015 Borrows $61,200 from Lyon County State Bank by signing a 3-month, 6% note. Dec.
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