Selkirk Company obtained a $$33,000$ note receivable from a customer on January $1,2024.$ The note, along with interest at $8\%,$ is due on July $1,2024.$ On February $28,2024,$ Selkirk discounted the note at Unionville Bank. The bank$’$s discount rate is $10\%.$

Required:

Prepare the journal entries required on February $28,2024,$ to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

Note: Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Answer rating: 100% (QA)

On February 28 2024 Selkirk Company needs to accrue interest on the note receivable and record the d... View the full answer