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Juno Co. issues a 90 day note for $100,000 to Thor Co. for merchandise inventory. The note is DISCOUNTED at 8%. The DISCOUNT amount of
Juno Co. issues a 90 day note for $100,000 to Thor Co. for merchandise inventory. The note is DISCOUNTED at 8%. The DISCOUNT amount of the note and PROCEEDS of the note would be: Juno's entry to record the issuance of the note would be: Date Description Post Debit Credit 1 1 2 3 2 3 Juno's entry to record the payment of the note at maturity would be: Date Description Post Debit Credit 1 1 2 2 3 3 Thor's entry to record the receipt of the note would be: Date Description Post Debit Credit 1 2 3 1 2 3 Thor's entry to record the receipt of the payment of the note at maturity would be: Date Description Post Debit Credit 1 1 2 3 3
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