Recording Entries for Note Payable Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates. a. January 1, 2020, for issuance of the note. b. June 30, 2020, for the interest payment. Date Account Name Dr. Cr. a. Jan. 1, 2020 Answer Answer Answer Answer Answer Answer b. June 30, 2020 Answer Answer Answer Answer Answer Answer
Recording Entries for Note Payable Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates. a. January 1, 2020, for issuance of the note. b. June 30, 2020, for the interest payment. Date Account Name Dr. Cr. a. Jan. 1, 2020 Answer Answer Answer Answer Answer Answer b. June 30, 2020 Answer Answer Answer Answer Answer Answer
Chapter9: Accounting For Receivables
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Recording Entries for Note Payable
Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide
a. January 1, 2020, for issuance of the note.
b. June 30, 2020, for the interest payment.
| Date | Account Name | Dr. | Cr. | |
|---|---|---|---|---|
| a. | Jan. 1, 2020 | Answer | Answer | Answer |
| Answer | Answer | Answer | ||
| b. | June 30, 2020 | Answer | Answer | Answer |
| Answer | Answer | Answer |
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