TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%.
a. Journalize TKR Enterprises’ entries to record:
1. The issuance of the note.
2. The payment of the note at maturity.
b. Journalize Sweeney Industries’ entries to record:
1. The receipt of the note.
2. The receipt of the payment of the note at maturity.