A business issued a 60-day note for $96,000 to a bank. The note was discounted at 9%.
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.
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No. | Accounts | Debit | Credit |
a. | Cash | $96000 | |
Notes Payable | $96000 | ||
b. | Notes Payable | $96000 | |
Interest expense (96000*9%*60/360) | $1440 | ||
cash | $97440 | ||
A business issued a 60-day note for $96,000 to a bank. The note was discounted at 9%. Journalize the entries to record (...
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