Question

Journalize the following transactions for Jones Company:
201X
June 18 Jones discounted its own $46,000, 180-day note at International Bank at 10%.
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 $40,000, 120-day note at International Bank at 9%.
Dec. 31 Record the adjusting entry for interest expense.



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  • CreatedApril 24, 2014
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