journal

Required information Short term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 On December 16, 2019, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2019, Carboy records any unpaid interest with an adjusting entry. On January 30, 2020. Carboy pays the principal and interest owed on the bank note. Prepare the January 30 entry by Carboy for the payment (maturity) of the note plus interest by selecting the account names from the drop-down menus and entering the dollar amounts in the debitor credit columns View transaction list Journal entry worksheet On December 15, 2018, Carboy, Inc., borrows $120,000 cash from Third National Bank at 9 percent annual interest. The note is due in 45 days. At December 31, 2018, Carboy records any unpaid interest with an adjusting entry. On January 30, 2019, Carboy pays the principal and interest owed on Note: Enter debits before credits Date General Journal Debit Credit Jan 30