Selkirk Company obtained a $ 3 3 , 0 0 0 note receivable from a customer on
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Question:
Selkirk Company obtained a $ note receivable from a customer on January The note, along with interest at is due on July On February Selkirk discounted the note at Unionville Bank. The banks discount rate is
Required:
Prepare the journal entries required on February to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.
Note: Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date: