Question: Entries for Discounting Notes Payable TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at

Entries for Discounting Notes Payable TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%. Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". a. Journalize TKR Enterprises' entries to record: the issuance of the note the payment of the note at maturity. 1. Merchandize Inventory __________?___________ ___________0__________ Interest Expense __________?___________ ___________0__________ Notes Payable __________0__________ ___________?___________ 2. Notes Payable ___________?__________ Cash ___________?__________ b. Journalize Sweeney Industries' entries to record: the receipt of the note the receipt of the payment of the note at maturity. 1. Notes Irretrievable _________?________ ________0_________ Sales _________0________ ________?_________ Interest Revenue _________0________ ________?_________ 2. Cash ___________?_________ Notes Receivable ___________?________ Thank you

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