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  3. selkirk company obtained a $16,500 note receivable

Selkirk Company obtained a $16,500 note receivable from a customer on January 1,2024 . The...

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Accounting

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Selkirk Company obtained a $16,500 note receivable from a customer on January 1,2024 . The note, along with interest at 10%, is due on July 1, 2024. On February 28, 2024. Selkirk discounted the note at Unionville Bank. The bank's discount rate is 12%. Required: Prepare the journal entries required on February 28, 2024, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale. Note: Do not round intermediate calculations. If no entry is required for a transoction/event, select "No joumal entry required" in the first account field. Journal entry worksheet 2 Record the accrued interest earned. Note: Enter debits before credits

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