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On September 1, Sheridan's Painting Service borrows $144000 from National Bank on a 4-month, $144000,48 note. The entry by Sheridari's Painting Service to record payment
On September 1, Sheridan's Painting Service borrows $144000 from National Bank on a 4-month, $144000,48 note. The entry by Sheridari's Painting Service to record payment of the note and accrued interest on January 1 is Notes Payable 144000 Interest Expense 1920 Cash 145920 Notes Pavable 144000 interist Payable $760 Cant: 149760 144000 Cash Notes Payable Interest Payable Cash
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