2017 Aug. 1 Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity. Journalize the transactions for the company.
2017 Aug. 1 Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity. Journalize the transactions for the company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Consider the following note payable transactions of Creative Video Productions.
|
2017 |
|
|
Aug. 1 |
Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. |
|
Dec. 31 |
Accrued interest on the note payable. |
|
2018 |
|
|
Aug. 1 |
Paid the note payable plus interest at maturity. |
Journalize the transactions for the company.
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