Skysong Corporation issued a 4-year, $64,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $40,673. The implicit interest rate is 12%. Prepare Skysong'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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (a) (b) Date Account Titles and Explanation Debit Credit

Skysong Corporation issued a 4-year, $64,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $40,673. The implicit interest rate is 12%. Prepare Skysong'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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. (a) (b) 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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