On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $361,700. The interest rate charged by the bank was 9.00%. The bank made the loan on a discount basis.

a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on April 15, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet

• Record the proceeds of a short-term note payable (discount basis).

Note: Enter debits before credits.

Date General Journal Debit Credit

April 15, 2019