Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1, Aisn Gompany signed a 120-day, 9% note payable, with a face value of $18,000. Alan made the appropriate year-end accurate. What is

image text in transcribed
On November 1, Aisn Gompany signed a 120-day, 9% note payable, with a face value of $18,000. Alan made the appropriate year-end accurate. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? Debit Notes Payable $18,540, credit Interest Payable $270, credit Interest Expense $270; credit Cash $18,000 Debit Cash $18,270. credit Notes Payable $18,270. Debit Notes Payable $18,000, debit Interest Payable $270; credit Cash $18,270. Debit Notes Payable $18,000; debit Interest Expense $540; credit Cash $18,540 Debit Notes Payable $18,000; debit Interest Payable $270; debit interest Expense $270; credit Cash $18,540

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

The Medicare Recovery Audit Contractor Program A Survival Guide For Healthcare Providers

Authors: Duane C. Abbey

1st Edition

1439821003, 978-1439821008

More Books

Students also viewed these Accounting questions

Question

Describe Generation

Answered: 1 week ago

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago