Entries for Discounted Note Payable A business issued a 30-day note for $54,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day 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 to one decimal place. a. Accounts Payable Interest Expense Notes Payable 38 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. b. Notes Pavable Masha
Entries for Discounted Note Payable A business issued a 30-day note for $54,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day 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 to one decimal place. a. Accounts Payable Interest Expense Notes Payable 38 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. b. Notes Pavable Masha
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 2P
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