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On July 1, 2020, Regal Corporation obtained a $25,000 note receivable from a customer. The note along with interest at 6% is due on December
On July 1, 2020, Regal Corporation obtained a $25,000 note receivable from a customer. The note along with interest at 6% is due on December 31, 2020. On September 30, 2020, Regal discounted the note at First City Bank. The bank's discount rate is 8%. Prepare the journal entries required on September 30, 2020 to accrue interest and to record the discounting for Regal (round all calculations to two decimal points). |
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