Consider the following note payable transactions of Creative Video Productions.2017 Aug. 1Purchased equipment costing $16,000 by issuing a one-year, 9% note payable.Dec. 31Accrued interest on the note payable.2018 Aug. 1Paid the note payable plus interest at maturity. Journalize the transactions for the company.

Date Accounts title and explanation Debit ($) Credit ($) 1-Aug-17 Equipment $16,000…

Answered: 2017 Aug. 1 Purchased equipment…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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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