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Entries for Discounted Note Payable A business issued a 30-day note for $72,000 to a...

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Accounting

Entries for Discounted Note Payable A business issued a 30-day note for $72,000 to a creditor on account. The note was discounted at 7%. Assume a 360-day year. Hide Hint(s) a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". a. Accounts Payable _______________________ ____________0_____________ Interest Expense _______________________ ____________0_____________ Notes Payable ___________0___________ __________________________ b. Journalize the entry to record the payment of the note at maturity. b. _________________ _____________________ __________________ _________________ ___________________

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