Entries for discounted note payable Instructions | Chart of Accounts Journal Instructions A business issued a 45-day note for $96.000 to a creditor on account. The note was discounted at 9%. Journalize the entnes to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity Assume a 360-day veer Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable REVENUE 410 Sales 610 Interest Revenue EXPENSES 113 Notes Receivable 115 Merchandise Inventory 510 Cost of Merchandise Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation Office Equipment 524 Depreciation Expense-Building 525 Delivery Expense 526 Repairs Expense 529 Selling Expenses 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Supplies Expense 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 540 Damage Awards and Fines 218 Employees Federal Income Tax Payable 541 Miscellaneous Expense 710 Interest Expense 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemplovment Tax Pavable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary a Journalize the entry to record the issuance of the note on March 1. Assume say year. Refer to the Chart of Accounts for exact wording of accounts. Round your ans PAGE 1 ACCOUNTING EQUATION POSTER C REDIT ASSETSLITIES EQUITY D. Journage the entry to record the payment of the note armatur Chart of Accounts for exact wording of account titles PAGE 1 ACCOUNTING EQUATION JOURNAL INDI CEPTION POST CREDIT ASSETS LIABILITIES EQUITY