jmorgan3131 jmorgan3131

12-01-2023
Mathematics

Answered

Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2021. The note, along with interest at 9%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank’s discount rate is 12%.

Required:
Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

Answer :

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