Entries for discounted note payable A business issued a 60-day note for $54,000 to a...
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Entries for discounted note payable A business issued a 60-day note for $54,000 to a bank. The note was discounted at 8%. Assume a 360-day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Journalize the entry to record the issuance of the note. Record debits first, then credits. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Account Debit Credit Accounting numeric field b. Journalize the entry to record the payment of the note at maturity. Record debits first, then credits. If an amount box does not require an entry, leave it blank. Round your answers to the nearest dollar. Account Debit Credit
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