A company received the following notes during 2017. The notes were discounted on the dates and at the rates indicated.

Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Determine the discount and proceeds from the sale (discounting) of each note.
3. Journalize the discounting of notes (a) and (b).

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PrincipalInterest Date Discounted Jul. 15 Aug. 27 Dec. 4 Discount Rate Note Date Jun. 15 Aug. 1 Nov. 21 Amount $20,000 9,000 12,000 Rate 8% 10 15 Term 60 days 90 days 90 days 1290 12 15 |