How would I work out question E11-15? **E11-15: Recording Note Payable Transactions**Consider the following note payable transactions of Creative Video Productions.**2017**- **Aug. 1:** Purchased equipment costing $16,000 by issuing a one-year, 9% note payable.- **Dec. 31:** Accrued interest on the note payable.**2018**- **Aug. 1:** Paid the note payable plus interest at maturity.Journalize the transactions for the company.---**E11-16: Recording and Reporting Current Liabilities**Watson Publishing completed the following transactions during 2018:- **Oct. 1:** Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%.- **Nov. 15:** Remitted (paid) the sales tax to the state of Tennessee.- **Dec. 31:** Made the necessary adjustment at year-end to record the amount of revenue earned from the subscription sold on October 1.

Note payable means a written liability to pay after certain period of time with interest.

E11-15 Recording note payable transactions Consider the following note payable transactions of Creative Video Productions. 2017 Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. Aug. 1 Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity. Journalize the transactions for the company.

E11-15 Recording note payable transactions Consider the following note payable transactions of Creative Video Productions. 2017 Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. Aug. 1 Dec. 31 Accrued interest on the note payable. 2018 Aug. 1 Paid the note payable plus interest at maturity. Journalize the transactions for the company.

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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