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Accounting

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A business issued a 60 -dry note for $81,000 to a bank. The note was discounted at 5% Joumalue the entres to record (a) the issuance of the note and (b) the poyment of the note at matunty Assumbe a J60-day year Riefer to the Chart or Accounts for exact wording of account thes. Found your answers to neares whole dollar Entries for discounted note payable Instructions Chart of Accounts Journal Chart of Accounts 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215 Salaries Payable 216 Social Security Tax Payable 217 Medicare Tax Payable 218 Employees Federl Income Tax Payable 219 Employees State Income Tax Payable 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPAFines Payable 230 Litigation Claims Payable 535 Payroll Tax Expense 536 Vacation Pay Expense 537 Pension Expense 538 Cash Short and Over 539 Product Warranty Expense 540 Damage Awards and Fines 541 Miscellaneous Expense 710 Interest Expense 219 Employees Stafe Income Tax Payable 710 Interest Expens 221 Retirement Savings Deductions Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 227 Unfunded Pension Liability 228 Product Warranty Payable 229 EPAFines Payable 230 Litigation Claims Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Entries for discounted note payable Instructions Chart of Accounts Journal Joumal JOUPRAL BNoE paciel jouknes. aer: otsoumion nont kis. Dant Cord assts ecyatr

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