Business, 04.04.2020 03:39 mathman783

Waterway Industries signed a three-month, zero-interest-bearing note on November 1, 2020 for the purchase of $504600 of inventory. The face value of the note was $519000. Waterway used a Discount of Note Payable account to initially record the note. Assuming that the discount will be amortized equally over the 3-month period and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a credit to Discount on Note Payable for $4800. credit to Interest Expense for $9600. debit to Discount on Note Payable for $4800. debit to Interest Expense for $9600.

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Waterway Industries signed a three-month, zero-interest-bearing note on November 1, 2020 for the pur...

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