On October 3, Bering Industries Inc. is considering two alternatives for a short-term loan from Community Bank:
Question:
On October 3, Bering Industries Inc. is considering two alternatives for a short-term loan from Community Bank: (1) issue a $60,000, 60-day, 5% note or (2) issue a $60,000, 60-day note that the bank discounts at 5%.
a. Journalize the entries to record the issuance and repayment of the note, assuming the company selects the
$60,000, 60-day, 5% note.
b. Journalize the entries to record the issuance and repayment of the note, assuming the company selects the
$60,000, 60-day note that the bank discounts at 5%.
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a b Oct 3 Cash Notes Payable Dec 2 Notes Payable Intere...View the full answer
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781337902663
15th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
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