On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2017, with a face
Question:
On January 1, 2019, Johnson Corporation issued a 2-year note due December 31, 2017, with a face value of $10,000, receiving $7,694.68 in exchange.
Required:
Prepare the journal entries to account for the note:
1. On the date the note is issued
2. At the end of 2019
3. At the end of 2020
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...
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1 2019 Jan 1 Cash 769468 Discount on Notes Payable 2...View the full answer
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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