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Record the journal entries in the records

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Reference no: EM132746519

Question: The following were the transactions of Rest Haven Ltd during the financial year ending 30 June 2020.

April 1 Rest Haven Ltd discounted its own 60-day bill of exchange issued out to Commonwealth Bank of Australia. The face value of the bill was $300,000 and the bill was discounted at 10%.

May 31 Rest Haven Ltd honoured its bill drawn on Commercial Bank of Australia.

Required: Record the journal entries in the records of Rest Haven Ltd to reflect the above events.

Reference no: EM132746519

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