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. Required: Journalize
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.
Required:
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 on May 30. Refer to the Chart of Accounts for exact wording of account titles.
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Accounting Chapters 14-26
Authors: Carl Warren
27th Edition
1337272116, 978-1337272117
