Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10%discount rate.Required:1. Prepare the appropriate journal entry to record the issuance of the note.2. Determine the effective interest rate.Complete this question by entering your answers in the tabs below.Required 1Required 2Determine the effective interest rate. (Round your answer to 2 decimal places.)Effective interest rate10.00 %< Required 1Required 2 Bencorp issues a $90,000, 6-month, noninterest-bearing note that the bank discounted at a 10%discount rate.Required:1. Prepare the appropriate journal entry to record the issuance of the note.2. Determine the effective interest rate.Complete this question by entering your answers in the tabs below.Required 1Required 2Prepare the appropriate journal entry to record the issuance of the note. (If no entry is required for a trjournal entry required" in the first account field.)View transaction listJournal entry worksheet1Record the issuance of $90,000, 6-month, non-interest-bearing note issued ata 10% discount rate.Note: Enter debits before credits.

orp issues a $90,000, 6-month, noninterest-bearing note that the bank discounte unt rate. red: pare the appropriate journal entry to record the issuance of the note. ermine the effective interest rate. mplete this question by entering your answers in the tabs below.

orp issues a $90,000, 6-month, noninterest-bearing note that the bank discounte unt rate. red: pare the appropriate journal entry to record the issuance of the note. ermine the effective interest rate. mplete this question by entering your answers in the tabs below.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 2P

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