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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 5
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 journ...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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