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Provide necessary journal entries to record the issue

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Reference no: EM132849047

Problem - The following information is available about Kiara Company:

a) Kiara Company borrowed cash from ANZ bank by issuing a $6,000, 90-day, 15% note to the bank on 1 of April.

b) Kiara Company has made the payment of the above note on due the date.

c) On 10 of July Kiara Company issues another $50,000, 90 days discounted note to ANZ bank. The proceeds have been received. Discount rate is 12%.

d) The note issued as on 10th of July has been paid off on the due date.

e) Number of days for interest calculation is 360.

Required - Provide necessary journal entries to record the issue and payment of two different notes.

Reference no: EM132849047

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