Question
The ONLY thing I need help with is the date that needs to be used on PART B. I HAVE ALL THE CORRECT ANSWERS EXCEPT
The ONLY thing I need help with is the date that needs to be used on PART B. I HAVE ALL THE CORRECT ANSWERS EXCEPT THE DATE. March 1, Jan.1 is not right. If you have any suggestions please let me know. Thank you in advance.
A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%.
Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.
a. Journalize the entry to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account titles.
b. Journalize the entry to record the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.
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Managing The Audit Function A Corporate Audit Department Procedures Guide
Authors: Michael P. Cangemi, Tommie W. Singleton
3rd Edition
0471281190, 978-0471281191
