On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. The note is discounted on a 12% basis. Make the journal entry for Jones Corporation at the time of maturity to recognize interest expense.

On November 12, 2021, Jones Corporation borrows money at James National Bank by issuing a $10,000, 3 month, non-interest-bearing note. The note is discounted on a 12% basis. Make the journal entry for Jones Corporation at the time of maturity to recognize interest expense.

College Accounting (Book Only): A Career Approach

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ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 3P

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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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