Question
Entries for Notes Payable A business issued a 60-day, 5% note for $98,000 to a creditor on account. Journalize the entries to record (a) the
Entries for Notes Payable
A business issued a 60-day, 5% note for $98,000 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. | |||
| b. | |||
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Financial Accounting Theory
Authors: William R. Scott
3rd Edition
0130655775, 9780130655776
