Question 3.) On April 1, 2019, Jim's Lawn Service borrowed money from their bank by...
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Accounting
Question 3.) On April 1, 2019, Jim's Lawn Service borrowed money from their bank by issuing a $100,000, 180 days, non-interest-bearing note. The note was discounted to 10%. Compute the following:
1) How much money did Jim receive?
2) What was the total amount of interest paid?
3) What is the effective 180 days interest rate on this note payable? (Round to 4 decimals)
4) What is the approximate annual effective interest rate on this note payable?
5) Record the journal entries for the issuance of the note.
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