Entries for notes payable
1. Obj. 1
Cosimo Enterprises issues a $260,000, 45-day, 5% note to Dixon Industries for merchandise inventory.
1. Journalize Cosimo Enterprises’ entries to record:
1. the issuance of the note.
2. the payment of the note at maturity.
2. Journalize Dixon Industries’ entries to record:
1. the receipt of the note.
2. the receipt of the payment of the note at maturity.