Prepare dated journal entries to record (a) the discounting of the note, (b) the yearend adjustment,…

On 2010 November 1, Grand Strand Property Management, Inc., discounted its own USD 50,000, 180-day, non interest-bearing note at its bank at 18 percent. The note was paid on its maturity date. The company uses a calendar-year accounting period. Prepare dated journal entries to record (a) the discounting of the note, (b) the yearend adjustment, and (c) the payment of the note.

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