Question
Entries for Notes Payable A business issued a 120-day, 5% note for $100,000 to a creditor on account. Journalize the entries to record (a) the
Entries for Notes Payable
A business issued a 120-day, 5% note for $100,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
If an amount box does not require an entry, leave it blank.
| a. | Accounts Payable | ||
| Notes Payable | |||
| b. | Notes Payable | ||
| Interest Expense | |||
| Cash |
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Advanced Principles Of Auditing
Authors: Hugo Romero
1st Edition
1632409372, 978-1632409379
