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Recording Entries for Zero-Interest-Bearing Note Payable

On January 1, 2020, Landry Inc. issued a three-year, $5,000, zero-interest-bearing note to Dillon LLP, and received $4,198. The implied interest rate is 6% on this note transaction. Provide journal entries to be made at each of the following dates.

a. January 1, 2020, for issuance of the note. b. December 31, 2020, for accrual of interest. Note: List multiple debits or credits (when applicable) in alphabetical order. Note: Round your answers to the nearest whole dollar. Dr. Cr. 0 X 0 0 x O Date Account Name a. Jan. 1, 2020 Cash Discount on Note Payable Note Payable b. Dec. 31, 2020 Interest Expense Discount on Note Payable 0 OX > 0 x 0 O 0 x