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Give the general journal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 9 percent note for $90,000 to
Give the general journal entry to record each of the following transactions for Davidson Company: 1. Issued a 6-month, 9 percent note for $90,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipme 2. Discounted its own 180-day, noninterest-bearing note with a principal amount of $40,000 at the First State Bank an 28, 2019. The bank charged a discount rate of 10 percent. 3. Paid the May 14 note on its due date. 4. Paid the note discounted on May 28 on its due date. Analyze: What is the total interest expense for the year as a result of these transactions? Complete this question by entering your answers in the tabs below. General 1 Record entry for 6-month, 9% note issued for warehouse equipment. 2 Record entry for 180-day note discounted. 3 Record entry for payment of 6-month, 9% note. 4 Record entry for discounting of 180-day note with a discount rate of 10%. General Journal Analyze What is the total interest expense for the year as a result of these transactions? Interest expense
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