Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.

Required:

a.

If the note is issued with a 45-day term, journalize the entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.	the issuance of the note.
2.	the payment of the note at maturity. Assume a 360-day year.

b.

If the note is issued with a 90-day term, journalize the entries to record (refer to the companys Chart of Accounts for exact wording of account titles):

1.

the issuance of the note.

2.

the payment of the payment of the note at maturity. Assume a 360-day year.

. a. If the note is issued with a 45-day term, journalize the entries to record (refer to the companys Chart of Accounts for exact wording of account titles

1. the issuance of the note on January 1. 2. the payment of the note at maturity on February 15. Assume a 360-day year.