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Wang Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at 2% discount rate.

Wang Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at 2% discount rate.

FINANCIAL ACCOUNTING
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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Dhapa rakesh 

Wang Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 12% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 3 Record the issuance of the commercial paper. Event 1 Note: Enter debits before credits. General Journal Debit Credit www
Transcribed Image Text:Wang Corporation issued $5 million of commercial paper on March 1 on a nine-month note. Interest was discounted at issuance at a 12% discount rate. Prepare the journal entry for the issuance of the commercial paper and its repayment at maturity. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars. View transaction list Journal entry worksheet 1 2 3 Record the issuance of the commercial paper. Event 1 Note: Enter debits before credits. General Journal Debit Credit www
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