A business issued a 60-day note for $87,000 to a creditor on account. The note was discounted at 7%.
A business issued a 60-day note for $87,000 to a creditor on account. The note was discounted at 7%.
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. Round your answers to nearest whole dollar.
Journal
a. Journalize the entries 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 entries 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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A business issued a 60-day note for $87,000 to a creditor on account. The note was discounted at 7%.
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