Prepare kohls journal entries for the initial transaction


Question - Kohl Company lent $46,200 to Hemingway, Inc, accepting Hemingway's 2-year, $57,437, zero-interest-bearing note. The implied interest rate is 11.5%. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,437 at maturity.

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Accounting Basics: Prepare kohls journal entries for the initial transaction
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