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could you please help me to solve this question Selkirk Company obtained a $33,000 note receivable from a customer on January 1, 2021. The note,
could you please help me to solve this question
Selkirk Company obtained a $33,000 note receivable from a customer on January 1, 2021. The note, along with interest at 10%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 14%. Required: Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit 1 1 Date February 28, 2021 Interest receivable Interest revenue 550 550 1 2 February 28, 2021 Cash Loss on sale of notes receivable Notes receivable 33,000 Interest receivable 550Step by Step Solution
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