Question
assuming 360 days The note receivable (50,000 ) in the general ledger is an 8% note received January 1, 2023 and due is on June
assuming 360 days
- The note receivable (50,000 ) in the general ledger is an 8% note received January 1, 2023 and due is on June 30, 2024
2) April 1 A new point of sale system is delivered and installed at a total cost of $96,000. The system has an expected useful life of 4 years, no residual value and will be depreciated using the straight line method. The company made a downpayment of $50,000 and issued a 3-year 6% note for the balance.Interest and 1/3 of the principal is due on March 31, 2024, 2025 and 2026.
april 15
Had a $200,000 balance in notes payable with 45-day 6% note issued on March 1.Paid the interest due and refinanced the principle with a new 60 day note at 7%.
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2. There are two notes in the notes payable balance (one from April 1st and one from April 15th. Interest rates and dates issued are in the transactions above. (Calculate interest separately but record together)
please help with adjusting journal entries having trouble with these ones
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