Cross Co. issued a ($ 50,000) face value discount note to First Bank on June 1, 2011.
Question:
Cross Co. issued a \(\$ 50,000\) face value discount note to First Bank on June 1, 2011. The note had a 6 percent discount rate and a one-year term to maturity.
Required Prepare general journal entries for the following transactions:
a. The issuance of the note on June \(1,2011\).
b. The adjustment for accrued interest at the end of the year, December 31, 2011.
c. Recording interest expense for 2012 and repaying the principal on May \(31,2012\).
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Cross Co Journal Entries for Discount Note a Issuance of the Note June 1 2011 This transaction involves receiving cash from the bank but for a lesser ...View the full answer
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