Journalize the following transactions for Jackson Company: 201X June 18 Jackson Company discounted its own $43,000, 90-day
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Journalize the following transactions for Jackson Company:
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201X June 18 Jackson Company discounted its own $43,000, 90-day note at Newport Bank at 12%. 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 Jackson Company discounted its own $40,000, 80-day note at Newport Bank at 9%. Dec. 31 Record the adjusting entry for interest expense.
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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