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Question - Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2013. The note, along with interest at 10%, is due on July 1, 2013. On February 28, 2013, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 12%.

Required:

Prepare the journal entries required on February 28, 2013, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

Record the accrued interest earned.

Record the discounting of note receivable.

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  • Category:- Accounting Basics
  • Reference No.:- M92702643
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