Entries for notes payable

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

Assume a $360-$day year. If an amount box does not require an entry, leave it blank.

a$.$ If the note is issued with a $45-$day term, journalize the entries to record:

the issuance of the note.

the payment of the note at maturity.

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b$.$ If the note is issued with a $90-$day term, journalize the entries to record:

the issuance of the note.

the payment of the note at maturity.

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