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Taylor Bank lends Guarantee Company $114,544 on January 1. Guarantee Company signs a $114,544, 8%, nine-month note. The entry made by Guarantee Company on January
Taylor Bank lends Guarantee Company $114,544 on January 1. Guarantee Company signs a $114,544, 8%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is Oa. Cash Notes Payable 114,544 114,544 Ob. Interest Expense 6,873 Cash 107,671 Notes Payable 114,544 Oc. Cash 121,417 Interest Expense 6,873 Notes Payable 114,544 Od. Cash 124,854 Interest Expense 6,873 Notes Payable 114,544 Interest Payable 3,437
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