bayable. Interest is payable at maturity. The company's year-end is December 31. ired: Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, t "No Journal Entry Required" in the first account field.) w transaction list lournal entry worksheet
bayable. Interest is payable at maturity. The company's year-end is December 31. ired: Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, t "No Journal Entry Required" in the first account field.) w transaction list lournal entry worksheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company’s year-end is December 31.
**Required:**
1-3. Record the necessary entries in the Journal Entry Worksheet below. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)*
### Journal Entry Worksheet
#### Record the Issuance of Note
**Note:** Enter debits before credits.
| Date | General Journal | Debit | Credit |
|-------------|------------------|-------|--------|
| November 01 | | | |
| | | | |
| | | | |
| | | | |
| | | | |
There is no additional diagram or graph present in the image.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d13ac93-8f46-47aa-b678-1a6ea4b98503%2F7ba1ade7-602c-40b3-8d69-f146cf17b6ac%2Fbprf35w_processed.png&w=3840&q=75)
Transcribed Image Text:On November 1, Year 1, a company borrows $49,000 cash from Community Savings and Loan. The company signs a three-month, 6% note payable. Interest is payable at maturity. The company’s year-end is December 31.
**Required:**
1-3. Record the necessary entries in the Journal Entry Worksheet below. *(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)*
### Journal Entry Worksheet
#### Record the Issuance of Note
**Note:** Enter debits before credits.
| Date | General Journal | Debit | Credit |
|-------------|------------------|-------|--------|
| November 01 | | | |
| | | | |
| | | | |
| | | | |
| | | | |
There is no additional diagram or graph present in the image.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Journal entries are the initial recording of all the monetary business transactions in a systematic order. They are recorded in chronological order as per the occurrence of the event. There are various types of journal entries such as: adjusting entries, closing entries, and regular entries.
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