Question
July 3: Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity.
"July 3: Your parents lend the company $10,000 cash in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity."
I am supposed to record this transaction as a journal entry for accounting, but I'm not sure how the 6% note payable affects the $10,000.
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Managerial Accounting
Authors: Karen Braun, Linda S Bamber
2nd Edition
136091164, 978-0136091165
