Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pay off the 60,000 note payable owed to little bank. The cash to pay off the note is taken out of big bank. Also pay

Pay off the 60,000 note payable owed to little bank. The cash to pay off the note is taken out of big bank. Also pay little bank $450 for interest owed on the note payable for February. The $450 cash is also taken out of big bank.

Is it

  • Note payable Debit 60,000
  • Big Bank credit 60,000
  • Debit Note Payable $450
  • Credit Big Bank 450

Step by Step Solution

3.49 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

Assuming money taken out from Big Bank ... 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

Calculus Early Transcendentals

Authors: James Stewart

7th edition

538497904, 978-0538497909

More Books

Students also viewed these Banking questions

Question

What is the Balanced Scorecard and how is it useful

Answered: 1 week ago

Question

Show that d/dx arctan (tanh x) = sech 2x.

Answered: 1 week ago