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Journalize the entry to record the issuance of the note

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Reference no: EM132780507

Problem - Entries for Discounted Note Payable - A business issued a 90-day note for $51,000 to a bank. The note was discounted at 7%. Assume a 360-day year.

Required -

a. Journalize the entry to record the issuance of the note.

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

Reference no: EM132780507

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