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A business issued a 30-day, 7% note for $58,800 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the
A business issued a 30-day, 7% note for $58,800 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0" |
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