(Answered) Entries for discounting notes payabletkr enterprises issues

Accounting

Entries for discounting notes payable

TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%.

a. Journalize TKR Enterprises' entries to record:

1. the issuance of the note.

2. the payment of the note at maturity.

b. Journalize Sweeney Industries' entries to record:

1. the receipt of the note.

2. the receipt of the payment of the note at maturity.

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