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Selkirk Company obtained a $21,000 note receivable from a customer on January 1, 2018. The note, along with interest at 10%, is due on July
Selkirk Company obtained a $21,000 note receivable from a customer on January 1, 2018. The note, along with interest at 10%, is due on July 1, 2018. On February 28, 2018, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 14%. Required: Prepare the journal entries required on February 28, 2018, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the accrued interest earned. Note: Enter debits before credits. Date Debit Credit General Journal February 28, 2018 Interest receivable Interest revenue Record entry Clear entry View general journal
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