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2017 Jul. 1 Purchased equipment costing $10,000 by issuing a one-year, 3% note payable. Dec. 31 Accruedinterest on the note payable 2018 Jul. 1 Paid
2017 Jul. 1 Purchased equipment costing $10,000 by issuing a one-year, 3% note payable. Dec. 31 Accruedinterest on the note payable 2018 Jul. 1 Paid the note payable plus interest at maturity. Consider the following note payable transactions of Cadek Video Productions. Click the icon to view the transactions.) Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1, 2017: Purchased equipment costing $10,000 by issuing a one-year, 3% note payable Debit Date 2017 Jul. 1 Accounts and Explanation Credit Dec. 31, 2017: Accrued interest on the note payable Debit Date 2017 Dec. 31 Credit Accounts and Explanation Jul. 1, 2018: Paid the note payable plus interest at maturity. Date 2018 Jul. 1 Accounts and Explanation Debit Credit Accrued interest expense at year-end. Paid note and interest at maturity Received cash at note maturity
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