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Prepare all necessary journal entries to record transaction

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Question - PEI Corp. issues a $250,000, three-month zero-interest-bearing note payable to HSB Bank on May 1, 2020. The note has a present value of $246,385 based on the bank's discount rate of 6%.

Instructions - PEI Corp. has a July 31 year-end. Prepare all necessary journal entries to record the transaction regarding this note on the following dates. Show all calculations and round all numbers to the nearest dollar.

May 1, 2020

July 31, 2020

August 31, 2020.

Reference no: EM132590783

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