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Instruction Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is
Instruction Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations) Required: 1. Journalize Roseland's entries to record a. The issuance of the note. b. The payment of the note at maturity. 2. Journalize CorpOne's entries to record:" a. The receipt of the note. b. The receipt of the payment of the note at maturity. "Refer to the Chart of Accounts for exact wording of account titles.
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