Question
Entries for Discounted Note Payable A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%. Assume
Entries for Discounted Note Payable
A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%. 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.
a.
b.Journalize the entry to record the payment of the note at maturity.
b.
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
