Business, 03.05.2021 14:20 jskdkfjf

Desert Company signed a 3 month, zero-interest-bearing note on November 1, 2020, for the purchase of $501,428. The face value of the note was $510,841. Desert used a Discount on Note Payable account to initially record the note. Assuming that the discount will be amortized equally over the 3 month period, and that there was no adjusting entry made for November, the adjusting entry made at December 31, 2020 will include a debit to Interest Expense for:

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Desert Company signed a 3 month, zero-interest-bearing note on November 1, 2020, for the purchase of...