Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at
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Question:
Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.)
Required:
(1) Journalize Roseland’s entries to record:*
a. The issuance of the note.
b. The payment of the note at maturity.
(2) Journalize CorpOne’s entries to record:*
a. The receipt of the note.
b. The receipt of the payment of the note at maturity.
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