Recording discounted note LO3 LO4
On December 1, Greer Co. accepted a $25,000, 60-day, 10% note from Olson Inc. for the purchase of
equipment. On December 31, Greer discounts the note receivable at First Federal Savings. The bank
charges a discount rate of 12%.
Required
1. Record the journal entry for receipt of the note on December 1.
2. Record the journal entry for the discounted note receivable on December 31.
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