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    mulki's Avatar
    mulki Posts: 3, Reputation: 1
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    #1

    Jun 17, 2008, 06:37 PM
    Notes receivable account
    On March 1, Alender and Company discounted at its bank a $3000,one-year,14% interest-bearing note due on August31. The discount rate 16%. The journal entry that is made to record the discounting of the note is
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    mulki Posts: 3, Reputation: 1
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    #2

    Jun 17, 2008, 06:57 PM
    On March 1,Alexand and company discounted at its bak a$3000,one-year,14%interest-bearing note due on August 31.The dicount rate was 16%. The journal entry that ia made to record the dicounting of the note is
    A.Cash 3146.40
    Interest income 146.40
    Notes receivable 3000.00
    B.Cash 2853.60
    Interest Expense 146.40
    Notes receivable 3000
    C.Cash 3000
    Int. Expense 146.40
    Notes receviable 3146.40
    D .Cash 3000
    Int. Income 146.40
    Note Receivable 2853.60
    mulki's Avatar
    mulki Posts: 3, Reputation: 1
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    #3

    Jun 17, 2008, 07:02 PM
    On March 1,Alexand and company discounted at its bak a$3000,one-year,14%interest-bearing note due on August 31.The dicount rate was 16%. The journal entry that ia made to record the dicounting of the note is
    A.Cash 3146.40
    Interest income 146.40
    Notes receivable 3000.00
    B.Cash 2853.60
    Interest Expense 146.40
    Notes receivable 3000
    C.Cash 3000
    Int. Expense 146.40
    Notes receviable 3146.40
    D .Cash 3000
    Int. Income 146.40
    Note Receivable 2853.60
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    morgaine300 Posts: 6,561, Reputation: 276
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    #4

    Jun 17, 2008, 11:50 PM
    I'm not going to just tell you the answer for your work. Tell us first what you think the answer is and why, and someone will be more likely to help you.

    Please read here:
    https://www.askmehelpdesk.com/financ...-b-u-font.html
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