A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Accounts Payable Notes Payable b. Notes Payable Interest Expense Cash
A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. a. Accounts Payable Notes Payable b. Notes Payable Interest Expense Cash
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Entries for Notes Payable
A business issued a 45-day, 6% note for $210,000 to a creditor on account.
If an amount box does not require an entry, leave it blank.
a. | Accounts Payable | ||
Notes Payable | |||
b. | Notes Payable | ||
Interest Expense | |||
Cash |
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