business issued a 60-day note for $96,000 to a bank. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the mote at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar Chart of Accounts ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance. 120 Land 123 Building 124 Accumulated Depreciation- REVENUE 410 Sales 610 Interest Revenue X EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense- Building 525 Delivery Expense 526 Repairs Expense X 4 Journal a. Journalize the entries to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account t whole dollar. 1 2 3 1 DATE 2 DESCRIPTION DATE JOURNAL b. Journalize the entries to record the payment of the note at maturity Assume a 360-day year. Refer to the Chart of Accounts for exact wo DESCRIPTION POST. REF. JOURNAL DEBIT POST. REF CREDIT DEBIT CREDIT ASSET

business issued a 60-day note for $96,000 to a bank. The note was discounted at 7%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the mote at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar Chart of Accounts ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Inventory 116 Supplies 118 Prepaid Insurance. 120 Land 123 Building 124 Accumulated Depreciation- REVENUE 410 Sales 610 Interest Revenue X EXPENSES 510 Cost of Goods Sold 520 Salaries Expense 524 Depreciation Expense- Building 525 Delivery Expense 526 Repairs Expense X 4 Journal a. Journalize the entries to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account t whole dollar. 1 2 3 1 DATE 2 DESCRIPTION DATE JOURNAL b. Journalize the entries to record the payment of the note at maturity Assume a 360-day year. Refer to the Chart of Accounts for exact wo DESCRIPTION POST. REF. JOURNAL DEBIT POST. REF CREDIT DEBIT CREDIT ASSET

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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