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 .
(b) Assume that Ramos Co. signed a $ 6 \% $ interest-bearing note. Journalize the entries for October 1 an

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The Answer of 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 .
(b) Assume that Ramos Co. signed a $ 6 \% $ interest-bearing note. Journalize the entries for October 1 an

On October 1, Ramos Co 6% 6 \% 6% Interest-Bearing Note

On October 1, Ramos Co $6 \%$ Interest-Bearing Note