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The following were among transactions of Janieson Ltd during the financial years ending 30 June 2020. 1 March Janieson Ltd discounted its own 120-day bill
The following were among transactions of Janieson Ltd during the financial years ending 30 June 2020. 1 March Janieson Ltd discounted its own 120-day bill of exchange made out to the South Bank. The face value of the bill was $500,000 and the bill was discounted at 8% p.a. 30 June Paid South Bank the amount due on the bill. Required Prepare general journal entries to record the above transactions. Assume 360 days in a year
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