Reference no: EM132962880
Problem 1: Chang Co. issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a 360-day year, the cash proceeds to Chang Co. are
a. debit Accounts Payable; credit Notes Payable
b. debit Cash; credit Notes Payable
c. debit Notes Payable; credit Cash
d. debit Cash and Interest Expense; credit Notes Payable
Problem 2: The journal entry used to record the issuance of a discounted note for the purpose of borrowing funds for the business is
a. debit Cash and Interest Expense; credit Notes Payable
b. debit Cash and Interest Payable; credit Notes Payable
c. debit Accounts Payable; credit Notes Payable
d. debit Notes Payable; credit Cash
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