A business borrowed $59,037 on March 1 of the current year by signing a 30 day, 11% interest bearing note. Assuming a 360-day year, when the note is paid on March 31, the entry to record the payment should include a debit to Interest Payable for $541 debit to Interest Expense for $541 credit to Cash for $59,037 credit to Cash for $65,531

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A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A: The financial transactions are initially recorded in the form of journal entry.

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A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

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A: Interest expense for 60 days  = Amount borrowed×interest rate × 60 days/360 days

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A: The note payable is reported as the liabilities in the balance sheet. The accrued interest is the…

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A: Notes payable is categorized as a negotiable instrument signed by the promisor who agreed to pay a…

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A: In the above question we have asked to pass journal entries at the time of issuance of notes payable…

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A: From March 1 to April 30 = 60 days Interest is paid on the funds used by the business to generate…

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Q: A business borrowed $69,372

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A: The funds can be borrowed by note. A promissory note is a legal document containing a promise by the…

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A: Lets understand the basics. Entity issues note in order to obtain finance from the outside. In notes…

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A: The interest expense  is calculated as  follows  $79200 × 9% × 60/360   = $1188

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A: Given, Face value of the note = $74,240 Interest rate = 12% Period = 60 days

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A: Solution: To borrow cash, business issues notes payable that contain principal amount of note,…

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A:

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A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

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A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…

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A: Solution:- 1)Calculation of On what date does this note mature as follows under:- Basic…

Q: A business issued a 120-day, 6% note for $9,000 to a creditor on account. The company uses a 360-day…

A: Notes payable is a negotiable instrument used for differing payments. In this one-party agree to pay…

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A: "Note Payable" is a financial instrument commonly used in the fields of accounting and finance. It…