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

Required
Identify each note by letter, compute interest for each note, round all interest amounts to the nearest cent, and present entries in general journal form. 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).

Transcribed Image Text:

Discount Rate Date Discounted Nov. 18 Jul. 26 Nov. 2 PrincipalInterest Amount $10,000 9,000 16,000 Term 6 months 90 days 180 days Rate Date Aug. 18 Jul. 15 Note 13% 12 13 11% 10 (c) Sep. 1