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On October 1, Ramos Co. signed a $90,000. 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on

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On October 1, Ramos Co. signed a $90,000. 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) (a) Journalize the entries for October 1 and November 30. (b) Assume that Reynolds Co. signed a 6% note. Journalize the entries for October 1 and November 30

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