Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On Nov. 1. 20X4. Louis Co. borrowed $40,000 cash from the bank for 180 days at 6% interest. The entry for payment of the note

image text in transcribed

On Nov. 1. 20X4. Louis Co. borrowed $40,000 cash from the bank for 180 days at 6% interest. The entry for payment of the note at maturity is (assuming all year-end entries were made): Note payable 40,000 Internet Expense 1, 184 Interest Payable 1, 184 Cash 40,000 Note payable 40,000 Internet Expense 2, 400 Cash 42, 400 Note Payable 42, 400 Cash 42, 400 Note payable 40,000 Internet Expense 395 Interest Payable 789 Cash 41, 184 Note payable 40,000 Internet Expense 789 Interest Payable 395 Cash 41, 184

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Accounting Guide Employee Benefit Plans

Authors: American Institute Of Certified Public Accountants

1st Edition

ISBN: 0870515756, 978-0870515750

More Books

Students also viewed these Accounting questions