No12Event12General JournalCashDiscount on notes payableNotes payableAnswer is not complete.Interest expenseDiscount on notes payable00000Debit74,005,000Credit82,000,000 On October 1, Dutta Incorporated borrowed $82 million and issued a nine-month promissory note. Interest was discounted at issuanceat a 13% discount rate.Prepare the journal entry for the issuance of the note and the appropriate adjusting entry for the note at December 31, the end of thereporting period.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answersin whole dollars.

A journal entry is a basic accounting record that is used to chronologically track financial…

Answered: On October 1, Dutta Incorporated…

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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On October 1, Dutta Incorporated borrowed $82 million and issued a nine-month promissory note. Interest was discounted at issu at a 13% discount rate.