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QUESTION
Due Date: June 22nd, 2015 Due Hour: General Guidelines: Organization and proper indication of answers will be taken into account in the grade. No...
1. Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.)Required:(1) Journalize Roseland’s entries to record:a. The issuance of the note.b. The payment of the note at maturity.(2) Journalize CorpOne’s entries to record:a. The receipt of the note.b. The receipt of the payment of the note at maturity.
