sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for interest calculations.
sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for interest calculations.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 2P
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Question
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A business issued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for interest calculations.
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Chart Of Accounts
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General Journal
Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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