Samson Corporation issued a 4-year, $75,000, zero-interest-bearing

Question:

Answer:

Date Account Titles and Explanation Debit Credit
January 01, 2020, Cash 47664
Discount on Notes Payable 27336
Notes Payable 75000
December 31,2020 Interest Expense 5720 =47664*12%
Discount on Notes Payable 5720

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