Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November one 2 0 2 4 URcrazy Inc. signed a nine month non - interest - bearing note for $ 2 1 6 ,

 On November one 2024 URcrazy Inc. signed a nine month non-interest-bearing note for $216,000 for megabucks bank. megabucks bank has a 10% discount rate. URCrazy inc fiscal year ended is December 31 prepare the appropriate journal entry that you're crazy ink should make to record the issuance of the note determine the effective interest-rate on this note, show your calculations for possible extra credit prepare any appropriate journal entries at December 31, 2024, that are required for this discounted note prepare the appropriate journal entries that would be required on July 31, when the note matures to record interest and payment of this note.  

Step by Step Solution

There are 3 Steps involved in it

Step: 1

1 Journal entry at November 1 2024 Notes Payable 216000 Discount on Notes Payable 21600 Cash 194400 ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod Dick

7th Edition

1260306747, 978-1260306743

More Books

Students also viewed these Accounting questions