Prepare teal mountain journal entry for initial transaction

Reference no: EM132702672

Teal Mountain Inc. lent $11,942 to Monty Corp., accepting Monty's $12,300, three-month, zero-interest-bearing note. The implied interest is approximately 12%.

Problem 1: Prepare Teal Mountain 's journal entries for the initial transaction and the collection of $12,300 at maturity.

Reference no: EM132702672

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