Question: On October 1 , Ramos Co . signed a $ 9 0 , 0 0 0 , 6 0 - day discounted note at the

On October 1, Ramos Co. signed a $90,000,60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30.(Assume a 360-day year is used for interest computations.)
Question Content Area
a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank.
DateAccountDebitCredit
Oct. 1
Nov. 30
Question Content Area
b. Assume that Ramos Co. signed a 6% interest-bearing note. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank.
DateAccountDebitCredit
Oct. 1
Nov. 30

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