Question - Entries for Discounted Note Payable
A business issued a 60-day note for $39,000 to a creditor on account. The note was discounted at 7%. Assume a 360-day year.
a. Journalize the entry to record the issuance of the note.
b. Journalize the entry to record the payment of the note at maturity.
If required, round your answers to two decimal places.
a. Determine the gross pay for the week.
b. Determine the net pay for the week.