Copperfield and Company issued a 90-day, 5.00% note for $190,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity.

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ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1	Jul. 10	Accounts Payable		190,000.00
2		Notes Payable			190,000.00
3		Notes Payable		199,500.00
4		Accounts Payable			190,000.00
5		Interest Expense			9,500.00

You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct.

Journalize the payment of the note at maturity as it should have been journalized. Dont forget to include the date. Assume a 360-day year.

Question not attempted.

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ACCOUNTING EQUATION

Score: 0/37

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3