On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Oct. 1 Nov. 30 b. Assume that Ramos Co. signed a 6% interest-bearıng note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 30

On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.) a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. Oct. 1 Nov. 30 b. Assume that Ramos Co. signed a 6% interest-bearıng note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank. Oct. 1 Nov. 30

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 4P

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