Question
A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year. a. Journalize
A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year.
a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.
b. Journalize the entry to record the payment of the note at maturity.
I can check all answers. Thank you in advance.
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Financial Accounting An International Perspective
Authors: Arne Kinserdal
2nd Edition
0273631543, 978-0273631545
