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On April 1, 2023, DMH Inc, signed a $111 , 000 , zero-interest-bearing, six-month promissory note. The note's present value is $105 , 714 based
On April 1, 2023, DMH Inc, signed a$111,000, zero-interest-bearing, six-month promissory note. The note's present value is$105,714based on the bank's discount rate of10%. The company's year-end is September 30,2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books ofDMHinc. to record the issue of the note. (Credit occount tities are outomatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Prepare the journal entry on the books of DMH Inc. to record the year-end interest accrual. (Round answers to 0 decimal places, e.s. 5, 125. Credit account tities are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On April 1, 2023, DMH Inc signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the banK's discount rate of 10%. The company's year-end is September 30,2023 and the note is repayable on October 1. 2023. Prepare the journal entry on the books of DMH Inc. to record the year-end interest accrual. (Round answers to 0 decimal places, e.s. 5, 125. Credit account tities are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) On April 1, 2023, DMH Inc signed a $111,000, zero-interest-bearing, six-month promissory note. The note's present value is $105,714 based on the banK's discount rate of 10%. The company's year-end is September 30,2023 and the note is repayable on October 1. 2023
On April 1, 2023, DMH Inc, signed a$111,000, zero-interest-bearing, six-month promissory note. The note's present value is$105,714based on the bank's discount rate of10%. The company's year-end is September 30,2023 and the note is repayable on October 1, 2023. (a). Prepare the journal entry on the books ofDMHinc. to record the issue of the note. (Credit occount tities are outomatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.)
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