Question
On November 1, 2019, Best Corp. signed a three-month, zero-interest-bearing note for the purchase of $80,000 of inventory. The maturity value of the note was
On November 1, 2019, Best Corp. signed a three-month, zero-interest-bearing note for the purchase of $80,000 of inventory. The maturity value of the note was $81,200, based on the bank's discount rate of 6%. The adjusting entry prepared on December 31, 2019 in connection with this note will include a
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
14th Edition
1119707110, 978-1119707110
