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Premium Office Equipment, Inc., discounted its own USD 30,000, non interest-bearing, 180-day note on 2009 November 16, at Niagara County Bank at a discount rate

Premium Office Equipment, Inc., discounted its own USD 30,000, non interest-bearing, 180-day note on 2009 November 16, at Niagara County Bank at a discount rate of 12 per cent.

Prepare dated journal entries for:

A)The original discounting on November 16.

B)The adjustment required at the end of the company

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