Question
Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year
Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaining to interest expense. Sept. 18 Paid am ount due on note, plus interest.
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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