Question
On October 1, Pikeville Co. borrowed cash from Home Town Bank. The note (loan) was a 30 day, 6% note for $20,000. Prepare two entries:
On October 1, Pikeville Co. borrowed cash from Home Town Bank. The note (loan) was a 30 day, 6% note for $20,000. Prepare two entries:
a) prepare the entry to record the loan (use the Notes Payable account)
b) prepare the entry to repay the loan and the interest
2. On October 1, Pikeville Co. borrowed cash from Home Town Bank. The note (loan) was a 45 day, 12% note for $50,000. Prepare two entries as stated below.
a) prepare the entry to record the loan (use the Notes Payable account)
b) prepare the entry to repay the loan and the interest
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Control And Audit Of Minicomputer Systems
Authors: British Computer Society
1st Edition
0471261866, 978-0471261865
