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A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a.   Accounts Payable Accounts Payable     Notes Payable Notes Payable b.   - Select - - Select -     - Select - - Select -     - Select - - Select -

A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. a.   Accounts Payable Accounts Payable     Notes Payable Notes Payable b.   - Select - - Select -     - Select - - Select -     - Select - - Select -

FINANCIAL ACCOUNTING
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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A business issued a 90-day, 5% note for $24,000 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest.

If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.

a.
 
 Accounts Payable Accounts Payable
 
 
 Notes Payable Notes Payable
b.
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
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