On December 1, 1989, Nozzle Company discounted its own ($ 150,000), 90-day note payable at the bank.

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On December 1, 1989, Nozzle Company discounted its own $\$ 150,000$, 90-day note payable at the bank. The discount rate was $12 \%$. Prepare general journal entries to record:

(a) the issuance of the note,

(b) the required December 31, 1989, adjusting entry,

(c) the entry to pay the note, and

(d) the entry to record interest expense on the note during 1990 .

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Financial Accounting

ISBN: 9780256091939

5th Edition

Authors: Kermit D. Larson, Paul B. W. Miller

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Question Posted: Jun 11, 2024 12:04 AM

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On December 1, 1989, Nozzle Company discounted its own ($ 150,000), 90-day note payable at the bank.

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Financial Accounting

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