business issued a 60-day note for $99,000 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. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. Chart of Accounts
business issued a 60-day note for $99,000 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. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. Chart of Accounts
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 3AP
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A business issued a 60-day note for $99,000 to a creditor on account. The note was discounted at 7%.
Chart of Accounts
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a. Journalize the entries to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar.
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b. Journalize the entries to record the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.
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