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Question 5 Mar 01 Quiz Corporation sold merchandise inventory (with $600,000 cost) to Cha Corporation...

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Question 5 Mar 01 Quiz Corporation sold merchandise inventory (with $600,000 cost) to Cha Corporation for $750,000 and received a 9%8 months note. May 01 Quiz Corporation discounted the March 1st note at a financial institution at a discount rate of 18%. Nov 01 Cha Corporation made the payment on the March 1st note. Required: Journalize the above transactions for Quiz Corporation and Cha Corporation. Show all calculations

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