Question
A business issued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for interest calculations.Journalize the entries
A business issued a 30-day, 7% note for $67,200 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 on April 30 and (b) the payment of the note at maturity, including interest. Refer to the Chart of Accounts for exact wording of account titles.
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Essentials of Accounting for Governmental and Not-for-Profit Organizations
Authors: Paul A. Copley
10th Edition
007352705X, 978-0073527055
