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Roseland Design Borrowed $700,000 on a 90-Day Note from CorpOne

question 40

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Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) (a) Joumalize Roseland's entries to record:
a. The issuance of the note.
b. The payment of the note at maturity.

(b) Journalize CorpOne's entries to record:
a. The receipt of the note.
b. The receipt of the payment of the note at maturity.


Definitions:

Instinct

An innate, typically fixed pattern of behavior in animals in response to certain stimuli.

Evolutionary Psychology

A theoretical approach in the social and natural sciences that examines psychological structure from a modern evolutionary perspective, focusing on how evolutionary principles such as natural selection influence the development of adaptive psychological traits.

Genes Predispose

The genetic factors that increase the likelihood of developing certain diseases or characteristics.

Motivation

The method that starts, directs, and sustains actions aimed at achieving specific goals.

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