Borrowed money from Second National Bank by issuing a four-month, 9 percent note for $44,000; received...
Borrowed money from Second National Bank by issuing a four-month, 9 percent note for $44,000; received $42,680 because the bank deducted the interest in advance.
Homework Answers
| Account | Debit | Credit |
| Cash | 42,680 | |
| Prepaid interest (44,000*9%*4/12) | 1320 | |
| Notes payable | 44,000 |
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