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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Chapter
Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 11, Problem 5E
Textbook Problem
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Entries for notes payable

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.

a.

To determine

Journalize issuance of the note.

Explanation of Solution

Note Payable: Note payable is an obligation of the business to pay to its creditors, in future for the benefits received that carry some interest.

Journalize the entry to record the issuance of the note.

DateAccount Title and Explanation

Post

Ref.

Debit

($)

Credit

($)

b.

To determine

Journalize payment on maturity.

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Chapter 11 Solutions

Financial Accounting
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