Edson corp signed a three-month zero-interest-bearing note, Ask an Expert

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Edson Corp. signed a three-month, zero-interest-bearing note on November 1, 2011 for the purchase of $150,000 of inventory. The face value of the note was $153,000. Edson used a “Discount on Note Payable” account to initially record the note and the discount will be amortized equally over the 3-month period. What is the adjusting entry made at December 31, 2011?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525625

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