Consider the following note payable transactions of Cabico Video Productions. Data table: 2017 Sep.1 Purchased equipment costing $26,000 by issuing a one-year, 6% note payable. Dec. 31 Accrued interest on the note payable. 2018 Sep.1 Paid the note payable plus interest at maturity. Requirements: Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Consider the following note payable transactions of Cabico Video Productions. Data table: 2017 Sep.1 Purchased equipment costing $26,000 by issuing a one-year, 6% note payable. Dec. 31 Accrued interest on the note payable. 2018 Sep.1 Paid the note payable plus interest at maturity. Requirements: Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Chapter9: Accounting For Receivables
Section: Chapter Questions
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Consider the following note payable transactions of Cabico Video Productions.
Data table:
2017
Sep.1 Purchased equipment costing $26,000 by issuing a one-year,
6% note payable.
Dec. 31 Accrued interest on the note payable.
2018
Sep.1
Paid the note payable plus interest at maturity.
Requirements:
Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
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