the journal entry used to record the issuance of a discounted note for the purpose of borrowing funds for the business is:

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03-11-2021
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the journal entry used to record the issuance of a discounted note for the purpose of borrowing funds for the business is:

Sagot :

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RevyBreezeidn RevyBreezeidn · Answer 1 · 2021-11-03T14:48:17-04:00

RevyBreezeidn RevyBreezeidn

03-11-2021

Answer:

Debit Cash and Interest Expense; Credit Notes Payable.

Explanation:

This Journal entry would increase Cash, Interest Expense; and Notes Payable. For example, a borrower would receive $9,901 (proceeds) for a $10,000 (face value) note discounted $101 the journal entry would be debit Cash $9,901, debit Interest Expense $101 and credit Notes Payable $10,000.

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