On October 1, 2020, a business signed a 8%, 6-month, $110000 note payable to a bank. The principal amount is due at maturity, and
On October 1, 2020, a business signed a 8%, 6-month, $110000 note payable to a bank. The principal amount is due at maturity, and the interest is payable bi-monthly on December 1, 2020, and February 1, 2021, and April 1, 2021 The fiscal year end is December 31, 2020. The journal entry on February 1, 2021 will include a credit to cash of: Round your interim calculations and final answer to 4 decimal places. Do not include any dollar signs, percentage % signs, commas, and/or spaces in your answer. Your answer should only include numbers. For negative numbers, use a negative sign before the number e.g. -1021.57 Do not use brackets for negative numbers and do not leave a space between the negative sign and the number. Answer: (1466.67)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started