Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a $395000, 6%, 9-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note isCash395000 Interest Expense17775 Notes Payable 412775Cash395000 Interest Expense17775 Notes Payable 395000 Interest Payable 17775Cash395000 Notes Payable 395000Interest Expense17775 Cash377225 Notes Payable 395000

The interest chargeable on note does not form a part of journal entry recording the issuance of…

Answered: Moss County Bank agrees to lend the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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%...

See similar textbooks

Related questions

Question

Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a $395000, 6%, 9-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note is

Cash	395000
Interest Expense	17775
Notes Payable		412775

Cash	395000
Interest Expense	17775
Notes Payable		395000
Interest Payable		17775

Cash	395000
Notes Payable		395000

Interest Expense	17775
Cash	377225
Notes Payable		395000

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions