Question: A business issued a 4 5 - day note for $ 8 1 , 0 0 0 to a creditor on account. The note was

A business issued a

45 -

day note for $

81, 000

to a creditor on account. The note was discounted at

5 % .

Required:

Journalize the entries to record

(

)

the issuance of the note on March

1

and

(

)

the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Assume a

360 -

day year. Round your answers to nearest whole dollar.

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