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The chart of accounts for exact wording of account titles

A business issued a 60-day note for $87,000 to a creditor on account. The note was discounted at 7%.

Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar.

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Accounting Basics: The chart of accounts for exact wording of account titles

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