Youve just started your first accounting job, as the accounts payable and payroll clerk for Copperfield and Company, a provider of delicate wine glasses to restaurants. Your predecessor left his job suddenly, and was not able to complete all his tasks before leaving. You need to get up to speed and complete the unfinished tasks as soon as possible.

-Calculate the relevant amounts for the companys note payable and determine whether your predecessors journal entries are correct.

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Copperfield and Company issued a 180-day, 5.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record the note on July 10, and the payment of the note at maturity.

You notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date and was not correct.

Show the journal entry for payment of the note at maturity as it should have been entered. Dont forget to include the date. Assume a 360-day year.

PAGE 25 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT Jul. 10 Accounts Payable 200,000.00 Notes Payable 200,00000 Notes Payable 210,000.00 Accounts Payable 200,00000 Interest Expense 10,000.00 PAGE 25 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT