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Al Gill, an independent contractor, signed his own noninterest-bearing $6,000 note for 120 days, and his bank discounted it at 10%. When Gill pays the
Al Gill, an independent contractor, signed his own noninterest-bearing $6,000 note for 120 days, and his bank discounted it at 10%. When Gill pays the note at maturity his journal entry would include a: O debit to Notes Payable of $6,200. debit to Interest Expense of $200. o credit to Cash of $6,200. debit to Discount on Notes Payable of $200
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