Use the same information in RE9-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate.
In Exercise
Rescue Sequences LLC purchased inventory' by issuing a $30,000, 10%, 60-day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a perpetual inventory' system and a 360 day calendar fiscal year. Rescue Sequences LLC uses a perpetual inventory' system.