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Notes Payable A business issued a 9 0 - day, 9 % note for $ 5 5 , 0 0 0 to a creditor for
Notes Payable A business issued a day, note for $ to a creditor for an accounts payable. Illustrate the effects on the accounts and financial statements of recording a the issuance of the note and the payment of the note at maturity, including interest. If no account or activity is affected, select No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a Illustrete the effects on the accounts and financial statements of recording the issuance of the note. Financial Statement Effects Assets Balance Sheet b Illustrate the effects on the accounts and financial statements of recording the payment of the note at maturity, including interest. Assume a day year. If required, round interest expense to the nearest whole number. Financial Statement Effects Balance Sheet Assets Liabilities Stockholders' Equity
Notes Payable
A business issued a day, note for $ to a creditor for an accounts payable. Illustrate the effects on the accounts and financial statements of recording a the issuance of the note and the payment of the note at maturity, including interest.
If no account or activity is affected, select No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
a Illustrete the effects on the accounts and financial statements of recording the issuance of the note.
Financial Statement Effects
Assets Balance Sheet
b Illustrate the effects on the accounts and financial statements of recording the payment of the note at maturity, including interest. Assume a day year. If required, round interest expense to the nearest whole number.
Financial Statement Effects
Balance Sheet
Assets
Liabilities
Stockholders' Equity
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