Assume the same facts as in E 3, except that interest is included in the face amount

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Assume the same facts as in E 3, except that interest is included in the face amount of the note and the note is discounted at the bank on October 3 1 . Prepare the following entries in journal form: (1) October 31, recording of note; (2] November 30, recognition of interest accrued on note; and (3) December 30, payment of note and recording of interest expense. E-4

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Financial Accounting

ISBN: 9780618310746

8th Edition

Authors: Belverd E. Needles Jr,, Marian Powers

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