On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14,

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On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%.

Assume a 360-day year.

1. Journalize the entry for Fuligin to record the proceeds.

2. Record the entry for Fuligin if Reed fails to pay at maturity.

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College Accounting A Practical Approach

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Authors: Jeffrey Slater, Mike Deschamps

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Question Posted: Feb 28, 2020 12:26 PM

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On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14,

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