USA Journal Entry Question for a Notes Payable

[rushlover07]

Hello. Can somebody tell me what the Journal Entry would be for this: "Discounted at 12% a 60-day non-interest-bearing note, $5000; proceeds, $4900; interest, $100. NP7." I need what journal it has to go in and the Debit(s) and Credit(s). This is for an accounting class. I'm having trouble with this one.

Thank you very much!!

 

[Shcoll]

Hello. Can somebody tell me what the Journal Entry would be for this: "Discounted at 12% a 60-day non-interest-bearing note, $5000; proceeds, $4900; interest, $100. NP7." I need what journal it has to go in and the Debit(s) and Credit(s). This is for an accounting class. I'm having trouble with this one.

Thank you very much!!

Google it you will get an example, then you can make the journal entry yourself.