On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days

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On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days at 12 percent interest. Assume that interest is stated separately. Prepare the following entries in journal form:

(1) August 31, recording of note; and

(2) October 30, payment of note plus interest.

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 12:46 AM

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On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days

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1 Aug 31 Cash 24000000 Notes Payable 24000000 Bank loan for 6...View the full answer

Principles of Accounting

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