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Record the journal entry for the repayment of the trade note

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Question - On July 1, 2019, Bazarist Inc. issued a $1000 trade note to a supplier to purchase inventory. The trade note bears a stated interest rate of 8% and matures on December 31, 2019.

Record the journal entry for the repayment of the trade note.

Dr. Trade note payable -- $1040

Dr. Cash -- $1080

Cr. Discount on trade note payable -- $40

Dr. Trade note payable -- $1000

Cr. Cash -- $1040

Dr. Interest payable -- $40

Reference no: EM133080678

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