Entries for discounted note payable Entries for discounted note payable

A business issued a $60-$day note for $$45,000$ to a bank. The note was discounted at $9\%.$ Assume a $360$ days in a year.

a$.$ Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one

decimal place.

Notes Payable

b$.$ Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

Notes Payable $>$

Cash

A business issued a $60-$day note for $$45,000$ to a bank. The note was discounted at $9\%.$ Assume a $360$ days in a year.

Question Content Area

a$.$ Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place.

blankAccountDebitCredit

Notes Payable

Question Content Area

b$.$ Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank.

blankAccountDebitCredit

Notes Payable

Cash

$45,000$