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On November 1 , 2 0 2 4 , a $ 3 0 0 , 0 0 0 , 8 - month, noninterest - bearing
On November a $month, noninterestbearing note is issued at a discount rate. Required: a Prepare the appropriate journal entries to record the following: Issuance of the note on November Interest on the note for the financial statements on December Interest on the note on June Payment of the note on June b Determine the effective interest rate.
On November a $month, noninterestbearing note is issued at a discount rate.
Required:
a Prepare the appropriate journal entries to record the following:
Issuance of the note on November
Interest on the note for the financial statements on December
Interest on the note on June
Payment of the note on June
b Determine the effective interest rate.
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