Marin Corporation issued a 5-year, $61,000, zero-interest-bearing note to Brown Company on January $34,613. The implicit interest rate is 12%. Prepare Marin's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles a automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit

Marin Corporation issued a 5-year, $61,000, zero-interest-bearing note to Brown Company on January $34,613. The implicit interest rate is 12%. Prepare Marin's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to O decimal places, eg. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles a automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Marin Corporation issued a 5-year, $61,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of
$34,613. The implicit interest rate is 12%.
Prepare Marin's journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to 0
decimal places, e.g. 38,548. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Date
an. 1, 2020
c. 31, 2020
Account Titles and Explanation
Cash
Discount on Notes Payable
Notes Payable
Interest Expense
Discount on Notes Payable
Debit
4153.56
Credit
61000
4153.56

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