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Use the same information in re13-1 except that the note is

Use the same information in RE13-1 except that the note is not interest bearing. Assume that the note is discounted at a 15% rate.
In RE13-1, Rescue Sequences, LLC, purchased inventory by issuing a $12,000, 10%, 60 day note on October 1. Prepare the journal entries for Rescue Sequences to record the purchase and payment assuming it uses a 360 day calendar fiscal year.

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Accounting Basics: Use the same information in re13-1 except that the note is

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