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On November 1, 2018, Zie Products issued a $200,000, 9-month, noninterest-bearing note to the bank. Interest was discounted at a 12% discount rate. Given the
On November 1, 2018, Zie Products issued a $200,000, 9-month, noninterest-bearing note to the bank. Interest was discounted at a 12% discount rate. Given the above information please include: Prepare the appropriate journal entry by Zie to record the issuance of the note. Prepare the adjusting entry on December 31, 2018. Prepare the appropriate journal entry on August 1, 2019 (maturity). Suppose the note had been structured as a 1290 note with interest and principal payable at maturity. Prepare the appropriate journal entry to record the issuance of the note by Zie. Prepare the appropriate journal entry on December 31, 2018, to accrue interest expense on the note described in number 4 for the 2018 financial statements Prepare the appropriate journal entry on August 1, 2019 (maturity) to pay interest and principal on the note described in number 4
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