Tamarisk, Inc. lent $12.136 to Martinez Corp., accepting Martinez's $12,500, three-month, zero-interest-bearing note. Th

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Tamarisk Inc Lent 12 136 To Martinez Corp Accepting Martinez S 12 500 Three Month Zero Interest Bearing Note Th 1 (24.42 KiB) Viewed 12 times

Tamarisk, Inc. lent $12.136 to Martinez Corp., accepting Martinez's $12,500, three-month, zero-interest-bearing note. The implied interest is approximately 12%. Prepare Tamarisk's journal entries for the initial transaction and the collection of $12,500 at maturity. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation (To record initial transaction) (To record collection at maturity) Debit Credit DON