Question

Journalize the following transactions for Jones Company:
201X
June 18 Jones Company discounted its own $34,000, 180-day note at Newbury Bank at 6%.
Sept. 16 Paid the amount due on the note of June 18. (Be sure to record interest expense from Discount on Notes Payable.)
Nov. 2 Jones discounted its own $60,000, 240-day note at Newbury Bank at 15%.
Dec. 31 Record the adjusting entry for Interest Expense.



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  • CreatedApril 24, 2014
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