Question: On August 5 M Valenty borrowed 8 500 from Costner

On August 5, M. Valenty borrowed $ 8,500 from Costner State Bank for 45 days, with a discount rate of 7 percent. Accordingly, M. Valenty signed a note for $ 8,500, dated August 5. Write entries in general journal form to record the following transactions:
a. Issuance of the note on August 5.
b. Payment of the note at maturity on September 19.

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  • CreatedOctober 21, 2014
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