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Journalize the entries to record the issuance and repayment

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Reference no: EM132754068

Problem - On October 3, Bering Industries Inc. is considering two alternatives for a short-term loan from Community Bank: (1) issue a $60,000, 60-day, 5% note or (2) issue a $60,000, 60-day note that the bank discounts at 5%.

Required -

a. Journalize the entries to record the issuance and repayment of the note, assuming the company selects the $60,000, 60-day, 5% note.

b. Journalize the entries to record the issuance and repayment of the note, assuming the company selects the $60,000, 60-day note hat the bank discounts at 5%.

Reference no: EM132754068

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