Entries for Discounted Note Payable A business issued a 120-day note for $54,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. a. b. Journalize the entry to record the payment of the note at maturity.

a. Journalize the entry to record the issuance of the note.

Dr Cash 52,380

Dr Interest expense 1,620

    Cr Notes payable 54,000

interest expense = $54,000 x 9% x 120/360 = $1,620

b. Journalize the entry to record the payment of the note at maturity.

Dr Notes payable 54,000

    Cr Cash 54,000

When the notes is paid, you have to credit cash for the full amount.

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.

credit history is used by lenders to determine whether you are a 'risky' person to give their money to.

having a short history provide very little data for the lenders. they wouldn't be able to determine your credit behavior from such a small samples. even if they are perfect.

having long credit history with few blemishes provide larger and more accurate data for the lenders to predict your credit behavior.