Accounting Journal Entry Question for a Notes Payable?
Hello. Can somebody (preferably an accountant or someone who really knows accounting and is 100% sure of their answer ) tell me what the Journal Entry
Hello. Can somebody (preferably an accountant or someone who really knows accounting and is 100% sure of their answer ) tell me what the Journal Entry would be for this: "Discounted at 12% a 60-day non-interest-bearing note, $5000; proceeds, $4900; interest, $100. NP7." I need what journal it has to go in and the Debit(s) and Credit(s). This is for an accounting class. I'm having trouble with this one.
Thank you very much!!
or:Hello. Can somebody (preferably an accountant or someone who really knows accounting and is 100% sure of their answer ) tell me what the Journal Entry would be for this: \"Discounted at 12% a 60-day non-interest-bearing note, $5000; proceeds, $4900; interest, $100. NP7.\" I need what journal it has to go in and the Debit(s) and Credit(s). This is for an accounting class. I'm having trouble with this one.Thank you very much!!
or:By, Payable A/C - $5,000 - Dr.To, Interst A/C - $100 - Cr. Cash A/C or Bank A/C - $ 4,900 - Cr.(Being amount Received $4,900 after deducting $100, with discounted at 12% a 60 day non interest bearing note)
