Question
A promissory note of $4,000 is issued on December 1st, 2005. The note is due six months later and accrues interest annually at 6%. Record
A promissory note of $4,000 is issued on December 1st, 2005. The note is due six months later and accrues interest annually at 6%. Record the transactions that would occur on December 1st, 2005, December 31st, 2005 and when the note is collected on June 1st, 2006. Answer in general journal entry format rather than with t-accounts and show any calculations when appropriate.
December 1st, 2005
December 31st, 2005
June 1st, 2006
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The Auditor Quo Vadis
Authors: Mervyn King, Linda De Beer
1st Edition
1138496774, 978-1138496774
