Issuing Notes Payable
On September 30, Bello International borrows $320,000 from Chase Bank with a 9-month, 8% note.
Required:
What journal entry is made at Bello’s year-end, December 31?
Concept introduction:
Note Payable:
Note payable is in the form of a promissory note which is provides as a loan by the lender to the borrower. The note payable is loaded with interest terms which provide the payment of specified interest % on the amount borrowed.
To prepare:
The journal entry at Dec. 31.
The journal entry at Dec. 31 is explained as follows:
Bello International | |||
Journal Entries | |||
Date | Account Titles |
Financial & Managerial Accounting
Accounting Information Systems
Corporate Financial Accounting
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