ACC 201 Great Basin Deleron Company Soap Manufacturing Business Worksheet

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Using the Excel file provided below as a starting point, or by creating your own Excel file, complete the following problem, and submit your assignment as an attachment here. Be sure to save your work before you submit, and present your work in a reasonable format with major answers highlighted. Because you have plenty of time to do this assignment, and given that the textbook is available for your use, this assignment should really be close to perfect.

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Here is the problem:

Deleron Company is in the soap manufacturing business. On October 17, 2019, the company borrowed some money by discounting its own $50,000 noninterest-bearing , 180-day note at First Nevada Bank at a discount rate of 8%.

Required: By rounding all calculations to the nearest penny, and using a 360-day year as described in the textbook for simplicity purposes, prepare dated journal entries to record the following:

A. The original discounting of the note on October 17, 2019

B. The adjusting entry needed at the end of the 2019 calendar year accounting period

C. Payment of the note at maturity on the appropriate date

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Here is a very rough document that you might use to get you started on this assignment. Please feel free to modify it to the extent necessary to complete this assignment. In doing so, please change the name of the file to include your name before submitting it.

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