How to Journalize a Discount Note Transaction

This is the Third in my series of videos showing you how to Account for a Discount Note Transaction. In this video, I show you how to use T-accounts to make it easy to Journalize the transactions.

First we Journalize the signing of the Discount Note;
Next we Journalize the Adjusting Entries for the Accrual of Interest Expense; and
Finally we Journalize the satisfaction of the Note.

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