Question: 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

On August 5, M. Valenty borrowed $ 8,500 from Costner State Bank for 45 days, with a 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 on September 19.

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GENERAL JOURNAL PAGE POST DATE DESCRIPTION REF DEBIT CREDIT 20 Aug 5 Cash 842562 Interes... View full answer

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