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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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
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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