On December 5, B. M. Moore borrowed $6,400 from Cosley State Bank for 45 days, with a

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On December 5, B. M. Moore borrowed $6,400 from Cosley State Bank for 45 days, with a discount rate of 9 percent. Accordingly, B. M.

Moore signed a note for $6,400, dated December 5. The end of Moores fiscal year is December 31. Write entries in general journal form to record the follow¬

ing transactions. Assume the closing entries were made at the appropriate time.

a. Issuance of the note on December 5.

b. Adjusting entry on December 31.

c. Payment of the note at maturity on January 19.

d. Conversion of the Discount on Notes Payable to Interest Expense for the cur¬

rent year.

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College Accounting Chapters 1-26

ISBN: 9780395796993

6th Edition

Authors: Douglas J. McQuaig, Patricia A. Bille

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On December 5, B. M. Moore borrowed $6,400 from Cosley State Bank for 45 days, with a

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College Accounting Chapters 1-26

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