Journalize the following transactions for Joliot Company: 201X June 18 Joliot Company discounted its own $40,000, 30-day
Question:
Journalize the following transactions for Joliot Company:
201X
June 18 Joliot Company discounted its own $40,000, 30-day note at Nixon Bank at 14%.
July 18 Paid the amount due on the note of June 18. (Be sure to record interest expense from Discount on Notes Payable.)
Nov. 2 Joliot Company discounted its own $35,000, 270-day note at Nixon Bank at 11%.
Dec. 31 Record the adjusting entry for Interest Expense.
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