Albatross Enterprises had previously purchased inventory for $7,800 (G.S.T. inclusive) from All-Seas Suppliers on credit....
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Albatross Enterprises had previously purchased inventory for $7,800 (G.S.T. inclusive) from All-Seas Suppliers on credit. On 2 February 2020 All Seas Suppliers agreed to accept a 60 day (due date fixed) bill of exchange from Albatross Enterprises to cover the amount of the account payable together with interest at 5 % p.a. Prepare the general journal to record: a. the issue of the bill payable on 2 February 2020. b. payment of the bill payable at the expiry of the bill payable. (Round all calculations to 2 decimal places.0
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