Tarheel Services Is Holding a Note Receivable from One of Its

question 25

Essay

Tarheel Services is holding a note receivable from one of its customers and wishes to collect the cash earlier than the maturity date of the note.The note is for $1,000 and carries a rate of 4%.Tarheel sells the note to a bank for $950.Please provide the journal entry which Tarheel makes to record this transaction.
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