On August 5, M. Valenty borrowed $8,500 from Costner State Bank for 45 days, with a discount rate of 7 percent. Accordingly, M. Valenty signed a note for $8,500, dated August 5. Write entries in general journal form to record the following transactions: a. Issuance of the note on August 5. b. Payment of the note at maturity on September 19. Check Figure 8/5 Notes Payable, $8,500
College Accounting (Book Only): A ...
College Accounting (Book Only): A ...
Solutions
On August 5, M. Valenty borrowed $8,500 from Costner State Bank for 45 days, with a discount rate of 7 percent. Accordingly, M. Valenty signed a note for $8,500, dated August 5. Write entries in general journal form to record the following transactions:
- a. Issuance of the note on August 5.
- b. Payment of the note at maturity on September 19.
Check Figure
8/5 Notes Payable, $8,500
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