On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis.   Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is

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Q: Notes payable-discount basis On May 15, 2022, Powell Inc. obtained a six-month working capital loan…

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Q: Accounting for a note receivable On June 6, Lakeland Bank & Trust lent $80,000 to Stephan…

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Q: entry to record the pledge of accounts receivable

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Q: A business borrowed $69,372

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