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On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30. (Assume a 360-day year is used for interest calculations.)
Question a. Journalize the entries for October 1 and November 30. If an amount box does not require an entry, leave it blank or enter 0. When required, round your answers to the nearest dollar.
Question b. Assume that Ramos Co. signed a 6% interest-bearing note. Journalize the entries for October 1 and November 30 assuming the note was not discounted. If an amount box does not require an entry, leave it blank or enter 0.
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