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Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
Edition 26ISBN: 978-1337498159 Exercise 50
Entries for discounted note payable
A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity.
A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity.
Explanation
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(a)Issuance of note is journal...
Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac
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