signed a three-month, zero-interest-bearing note on November 1, 2010 for the purchase of $150,000 of inventory. The face value of the note was $152,205. Assuming Glaus used a “Discount on Note Payable” account to initially record the note and that the discount will be amortized equally over the 3-month period, the adjusting entry made at December 31, 2010 will include adebit to Discount on Note Payable for $735.debit to Interest Expense for $1,470.credit to Discount on Note Payable for $735.credit to Interest Expense for $1,470.
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