Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note...

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Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest computations.) Required: a. Journalize Roseland's entries for: 1. The issuance of the note. 2. The payment of the note at maturity. If an amount box does not require an entry, leave it blank. 1. 2. b. Journalize CorpOne's entries for: 1. The receipt of the note. 2. The receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. 1. Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest computations.) Required: a. Journalize Roseland's entries for: 1. The issuance of the note. 2. The payment of the note at maturity. If an amount box does not require an entry, leave it blank. 1. 2. b. Journalize CorpOne's entries for: 1. The receipt of the note. 2. The receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. 1.

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Journal entries for Roseland are Transaction General Journal Debit Credit 1 Cash 68600... View the full answer