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On August 1, 2020, Express Inc. purchased a delivery truck from LBJ Trucks, costing $174.000. However, due to cash flow problems, Express Inc is currently
On August 1, 2020, Express Inc. purchased a delivery truck from LBJ Trucks, costing $174.000. However, due to cash flow problems, Express Inc is currently unable to make the payment. Therefore, to assure LBJ Trucks that it will be paid, Express Inc. signed a one-year note with 4% interest per annum, to be payable at maturity. Express Inc's year-end is on December 31. Prepare all the necessary journal entries related to the notes payable from the time it is signed to the maturity date. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Aug 1 To record the purchase of delivery truck Dec 31 . To record interest accrued Jul 31 To record the payment of note payable
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