On September 1, 2020, a company signed a $6,540, one-year, non-interest-bearing note payable and received $6,000 cash.
(a)What was the imputed rate of interest? %.
(b)Give the entry required at September 1, 2020, to record the receipt of the cash (record on net basis).
(c)Give the adjusting entry required at the end of the accounting year, December 31, 2020.
(d)Give the entry required on the due date, August 31, 2021, assuming no reversing entries were made.

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The Answer of On September 1, 2020, a company signed a $6,540, one-year, non-interest-bearing note payable and received $6,000 cash.
(a)What was the imputed rate of interest? %.
(b)Give the entry required at September 1, 2020, to record the receipt of the cash (record on net basis).
(c)Give the adjusting entry required at the end of the accounting year, December 31, 2020.
(d)Give the entry required on the due date, August 31, 2021, assuming no reversing entries were made.

On September 1, 2020, a Company Signed a $6,540, One-Year