Journalize entry to record payment of note at maturity

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Reference no: EM13752391

A business issued a 45-day note for $90,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year.

a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank.

b. Journalize the entry to record the payment of the note at maturity.

Reference no: EM13752391

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