Question Content Area Entries for discounted note payable A business issued a 60 day note for $51,000 to a bank The note was discounted at 7 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 blank Account Debit Credit Accounts PayableCashInterest PayableNotes PayableNotes Receivable Select Select Accounts PayableInterest ExpenseInterest ReceivableNotes PayableNotes Receivable Select Select Accounts PayableCashInterest ExpenseNotes PayableNotes Receivable Select Select 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 blank Account Debit Credit Accounts PayableCashInterest RevenueNotes PayableNotes Receivable Select Select Accounts PayableCashInterest ExpenseInterest RevenueNotes Receivable Select Select

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Question: Question Content Area Entries for discounted note payable A business issued a 60-day note for $51,000 to a bank. The note was discounted at 7%.

Question Content Area

Entries for discounted note payable

A business issued a 60-day note for $51,000 to a bank. The note was discounted at 7%. 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.

Account	Debit	Credit
Accounts PayableCashInterest PayableNotes PayableNotes Receivable	- Select -	- Select -
Accounts PayableInterest ExpenseInterest ReceivableNotes PayableNotes Receivable	- Select -	- Select -
Accounts PayableCashInterest ExpenseNotes PayableNotes Receivable	- Select -	- Select -

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.

blank	Account	Debit	Credit
	Accounts PayableCashInterest RevenueNotes PayableNotes Receivable	- Select -	- Select -
	Accounts PayableCashInterest ExpenseInterest RevenueNotes Receivable	- Select -	- Select -

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