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A company obtained a $ 1 9 , 5 0 0 note receivable from a customer on January 1 . The note, along with interest
A company obtained a $ note receivable from a customer on January The note, along with interest at is due on July of
the same year. On February of that year, the company discounted the note at a bank. The bank's discount rate is
Required:
Prepare the journal entries required on February to accrue interest and to record the discounting for the company. Assume that the
discounting is accounted for as a sale.
Note: Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in
the first account field.
Journal entry worksheet
Record the accrued interest earned.
Note: Enter debits before credits.
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