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Determine the proceeds of the note

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Question - On September 1, Nova Salon Company issued a 120-day note with a face amount of $68,400 to Osborne Hair Products Company for merchandise inventory. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.

b. Determine the proceeds of the note, assuming the note is discounted at 6%.

A business issued a 45-day, 4% note for $240,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.

a. Journalize the entry to record the issuance of the note on January 1. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM133062226

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