Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest bearing note. Prepare Zorzi's November 1, Entry O Cash Notes Payable O Notes Payable $61,350 $61,350 S61,350 Cash S61,350 Cash Discount on Notes Payable Notes Payable Notes Payable S60 000 $1,350 $61.350 $61.350 Cash S60 000 Discount on Notes Payable $1.350
Zorzi Corporation borrowed $60,000 on November 1, 2017 by signing a $61,350, 3-month, zero-interest bearing note. Prepare Zorzi's November 1, Entry O Cash Notes Payable O Notes Payable $61,350 $61,350 S61,350 Cash S61,350 Cash Discount on Notes Payable Notes Payable Notes Payable S60 000 $1,350 $61.350 $61.350 Cash S60 000 Discount on Notes Payable $1.350
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journal entry is the primary entry that records the financial transactions initially.
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