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Exercise 1. Current Liabilities - Journal Entries for Various Transactions: 1. Short-Term Note Payable Issued at Face Value: a. On 10/1 Year 7 a corporation

Exercise 1. Current Liabilities - Journal Entries for Various Transactions: 1. Short-Term Note Payable Issued at Face Value: a. On 10/1 Year 7 a corporation purchased EQUIPMENT/ by issuing a one-year (i.e., 12 months), $42,000 face amount, 6% NOTE PAYABLE. Phrase 1st: 2nd: Date Account Category AL SE RE Affect Dr. or Cr. contra + Dr Cr AL SE RE contra + Dr Cr Accounts Debit Credit

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