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QUESTION
On September 30, the company discounted at 10% its $200,000, one-year zero-interest-bearing note at Virginia State Bank.
On September 30, the company discounted at 10% its $200,000, one-year zero-interest-bearing note at Virginia State Bank.
Prepare the journal entries necessary to record the transactions above using appropriate dates.Prepare the adjusting entries necessary at December 31, 2014 in order to properly report interest expense related to the above transactions. Assume straight-line amortization of discounts.
