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

Note Payable: Notes payable is the written promise for giving a specific sum of money at a specified…

Answered: 2017 Aug. 1 Purchased equipment costing…

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.

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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Question

Recording note payable transactions

Consider the following note payable transactions of Creative Video Productions.

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.

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