On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14,
Question:
On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note.
On July 14, Silver Co. discounted the note at 12%. Assume a 360-day year.
a. Journalize the entry for Silver to record the proceeds.
b. Record the entry for Silver if Ramon fails to pay at maturity.
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780137504282
15th Edition
Authors: Jeffrey Slater, Mike Deschamps
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