a business issued a 60 day note for $60000 to a bank. The note was discounted...
a business issued a 60 day note for $60000 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.
Homework Answers
| a | |||
| Cash | 59200 | ||
| Interest expense | 800 | =60000*8%*60/360 | |
| Notes payable | 60000 | ||
| b | |||
| Notes payable | 60000 | ||
| Cash | 60000 |
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a business issued a 60 day note for $60000 to a bank. The note
was discounted...
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank....
Entries for Discounted Note Payable A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.
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