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  3. a business issued a 60-day note for $51,000 to a b

A business issued a 60-day note for $51,000 to a bank. The note was discounted...

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Accounting

A business issued a 60-day note for $51,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year.

a.   Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place.

blank

AccountDebitCredit
 Accounts PayableCashInterest PayableNotes PayableNotes Receivable

- Select -

- Select -

 Accounts PayableInterest ExpenseInterest ReceivableNotes PayableNotes Receivable

- Select -

- Select -

 Accounts PayableCashInterest ExpenseNotes PayableNotes Receivable

- Select -

- Select -

 

 

b.  Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

blank

AccountDebitCredit
 Accounts PayableCashInterest RevenueNotes PayableNotes Receivable

- Select -

- Select -

 Accounts PayableCashInterest ExpenseInterest RevenueNotes Receivable

- Select -

- Select 

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