BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter D, Problem 4P
Textbook Problem

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:

  1. a. Issuance of the note on August 5.
  2. b. Payment of the note at maturity on September 19.

Check Figure

8/5 Notes Payable, $8,500

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