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Entries for discounted note payable Instructions Chart of Accounts Journal Instructions Chart of Accounts A business issued a 45-day note for $81,000 to a creditor
Entries for discounted note payable Instructions Chart of Accounts Journal Instructions Chart of Accounts A business issued a 45-day note for $81,000 to a creditor on account. The note was discounted at 5% CHART OF ACCOUNTS General Ledger ASSETS Journalize the entries to record(a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar, REVENUE 410 Sales 110 Cash 610 Interest Revenue 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Merchandise Inventory 510 Cost of Merchandise Sold 520 Salaries Expense 116 Supplies Journal DENT CREDIT ASSETS LIABILITIES EQUITY POST. REF DATE DESCRIPTION I 2 Previous Nex Check My Work Email Instructor Save and Exit Submit Assignment for All work saved. W 2 stv 21
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