Entries for Discounted Note Payable

A business issued a 60-day note for $36,000 to a creditor on account. The note was discounted at 6%. 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. If necessary, round to one decimal place.

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b.Journalize the entry to record the payment of the note at maturity.

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