Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. meyer, inc., issued a $50,000, 120-day, noninteres

Meyer, Inc., issued a $50,000, 120-day, noninterest-bearing note on November 1, 2018, payable to the...

50.1K

Verified Solution

Question

Accounting

Meyer, Inc., issued a $50,000, 120-day, noninterest-bearing note on November 1, 2018, payable to the bank. At the date of discount, the bank's discount rate was 15 percent.Myer would prepare which of the following journal entries on December 31, 2018?

a) Interest Expense 1,250 Discount on Notes Payable 1,250

b) Interest Expense 1,250 Cash 1,250

c) Interest Expense 1,250 Interest Payable 1,250

d)Interest Payable 1,250 Discount on Notes Payable 1,250

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Lobo is a leading manufacturer of positronic brains, a key component in robots. The company is...

Psychology
1.2K views

I need essay outline about America gun control

Biology
1.2K views

List the stages of meiosis I and explain the events that occur during each stage...

Physics
1.2K views

8 Two identical bodies are made of a material for which the heat capacity increases...

Calculus
1.2K views

Solve using Gaussian or Gauss-Jordan elimination.w + x + y + z = -63w+ 3x-3y-3z=-66w-3x+3y...

Accounting
1.2K views

Pro-tech Software adquiri todas las acciones en circulacin de Reliable software por $14 millones. El...

Accounting
1.2K views

WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning...

Accounting
1.2K views

Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,300...

Accounting
1.2K views

Use the following information from Coconut Company's financial statements. Prepare the operating activities section of...

Accounting
1.2K views

centage for each line in the report. Round to the Slick the ated dat ent...

Accounting
1.2K views

El mtodo de contabilizacin de las inversiones en valores de renta variable en el que...

Finance
1.2K views

P9-17 Comparing Investment Criteria (LO1, 2, 3, 5, 7] Consider the following two mutually exclusive...