Journal Entries (Note Issued for Bank Loan) July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year DATE ACCOUNT TITLE DEBIT CREDIT 20--Jul. 15 __________ _____ _____ __________ _____ _____ __________ _____ _____Sept. 13 _________ ______ _____ _________ ______ _____ __________ ______ ______ ________ ______ ______

Journal Entries (Note Issued for Bank Loan) July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note,...

Journal Entries (Note Issued for Bank Loan)

July 15	Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank.
Sept. 13	Paid the $5,000 note, recognizing the discount as interest expense.

Prepare general journal entries for the transactions. Assume 360 days in a year

DATE	ACCOUNT TITLE			DEBIT	CREDIT

20--
Jul. 15 __________ _____ _____

__________ _____ _____

Sept. 13 _________ ______ _____

_________ ______ _____

__________ ______ ______

________ ______ ______

Jun 10, 2022