Assume the same facts as in E 3, except that interest is included in the face amount
Question:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: