FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

chapter 10 question 4

 

5 Entries for discounted note payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 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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Transcribed Image Text:5 Entries for discounted note payable A business issued a 90-day note for $57,000 to a bank. The note was discounted at 6%. Assume a 360 days in a year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. 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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