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QUESTION
Suppose a company receives a non-interest bearing note for $10,000 on 11/1/08. The company pays $9,500 for it. The company receives the principal on...
Suppose a company receives a non-interest bearing note for $10,000 on 11/1/08. The company pays $9,500 for it. The company receives the principal on 4/1/09. Prepare all journal entries.
PLEASE PROVIDE DETAILED EXPLANATION
Date11/1/08 Account Title & ExplanationNotes ReceivableDiscount on Notes ReceivableCash(Being Notes Receieved ) DebitCredit10000 12/31/08 Discount on Notes Receivable (500*2/5)200...