Answered step by step
Verified Expert Solution
Question
1 Approved Answer
use the photo to answer the question On November 1. Alan Company signed a 120-day. 10% note payable; with a face value of $39.000. Alan
use the photo to answer the question
On November 1. Alan Company signed a 120-day. 10% note payable; with a face value of $39.000. Alan made a December 31 yearand accrual for interest earmed. What is the journal entry as of March 1 to record the payment of the note? (Use 360 days a year.) Multiple Choice Debit Notes Paysbie $39,000, debit interest Expense 51300; credit Cash $40,300 Debit Notes Payoble $39.000, debi imerest Payeble 5650 . credit Cosh $39.650 Debt Notes Payable 539,000, debt interest Poyable 5650; debi interest Expense 5650 ; credit Cosh 540.300 Debit Cesh 539650 , ciedit Notes Payable 539,650 Debt Notes Pyyable $40300, cred interest Psyable $650 credi hterest Eupense $650, credi Cosh $39,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started