Premium Office Equipment, Inc., discounted its own USD 30,000, non interest-bearing, 180-day note on… 1 answer below »

Premium Office Equipment, Inc., discounted its own USD 30,000, non interest-bearing, 180-day note on 2009 November 16, at Niagara County Bank at a

discount rate of 12 percent. Prepare dated journal entries for:

a. The original discounting on November 16.

b. The adjustment required at the end of the company”s calendar-year accounting period.

c. Payment at maturity.

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