Essay
On October 1, Ramos Co. signed a $90,000, 60-day discounted note at the bank. The discount rate was 6%, and the note was paid on November 30.
(Assume a 360-day year is used for interest calculations.)
(a)Journalize the entries for October 1 and November 30.
(b)Assume that Ramos Co. signed a 6% note. Journalize the entries for October 1 and November 30.
Correct Answer:
Verified
Correct Answer:
Verified
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