Entries for notes payable
1. Obj. 1
A business issued a 45-day, 6% note for $210,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest.
EX 11-6
Entries for discounted note payable
1. Obj. 1
A business issued a 45-day note for $80,000 to a creditor on account. The note was discounted at 5%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity.
EX 11-7
Entries for notes payable
1. Obj. 1
Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.
1. If the note is issued with a 45-day term, journalize the entries to record:
1. the issuance of the note,
2. the payment of the note at maturity.
2. If the note is issued with a 90-day term, journalize the entries to record:
1. the issuance of the note,
2. the payment of the note at maturity.
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