Consider the following note payable transactions of Creative Video Productions.2017 Aug. 1Purchased equipment costing $16,000 by issuing a one-year, 9% note payable.Dec. 31Accrued interest on the note payable.2018 Aug. 1Paid the note payable plus interest at maturity. Journalize the transactions for the company.

Date Accounts title and explanation Debit ($) Credit ($) 1-Aug-17 Equipment $16,000…

Answered: 2017 Aug. 1 Purchased equipment…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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Consider the following note payable transactions of Creative Video Productions.

2017
Aug. 1	Purchased equipment costing $16,000 by issuing a one-year, 9% note payable.
Dec. 31	Accrued interest on the note payable.
2018
Aug. 1	Paid the note payable plus interest at maturity.

Journalize the transactions for the company.

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