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.
Definitions:
Actual Inflation
The observed increase in prices for goods and services in an economy over a period, typically measured as a percentage.
Unemployment Rate
The unemployment rate is the percentage of the labor force that is jobless and actively looking for employment.
Natural Rate
The rate of output at which an economy operates without inflationary pressures, often referred to as the natural rate of unemployment.
Phillips Curve
A concept in economics that indicates an inverse relationship between the rate of unemployment and the rate of inflation within an economy.
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