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Prepare the journal entries required on February

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Problem - Selkirk Company obtained a $35,000 note receivable from a customer on January 1. 2021. The note, along with interest at 9%, is due on July 1, 2021. On February 28, 2021, Selkirk discounted the note at Unionville Bank. The bank's discount rate is 12%. Prepare the journal entries required on February 28, 2021, to accrue interest and to record the discounting for Selkirk. Assume that the discounting is accounted for as a sale.

Reference no: EM132758836

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