Eli O'Henry Associates reported short-term notes payable and salaries payable as follows: (Click the icon to view the short-term notes payable and salaries payable.) During 2024, O'Henry paid off both current liabilities that were left over from 2023, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Henry during 2024. Assume no interest on short-term notes payable of $15,600. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the payoff of the short-term notes payable from 2023. Date Accounts and Explanation 2024 Debit Credit Data table Current Liabilities-partial: Short-term Notes Payable Salaries Payable Print $ 2024 16.600 S 3,900 Done 2023 15,600 3,200 - X

Eli O'Henry Associates reported short-term notes payable and salaries payable as follows: (Click the icon to view the short-term notes payable and salaries payable.) During 2024, O'Henry paid off both current liabilities that were left over from 2023, borrowed cash on short-term notes payable, and accrued salaries expense. Journalize all four of these transactions for O'Henry during 2024. Assume no interest on short-term notes payable of $15,600. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the payoff of the short-term notes payable from 2023. Date Accounts and Explanation 2024 Debit Credit Data table Current Liabilities-partial: Short-term Notes Payable Salaries Payable Print $ 2024 16.600 S 3,900 Done 2023 15,600 3,200 - X

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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On july 1, 2021 I borrowed 50,000 with notes payable with an interest of 6 percent a year. The note and interest are due on December 31st, 2021. On December 31st 2021 I paid 51,500 to settle the debt in full. Assuming no accruals for interest have been made during the year, what is the entry that I need to record?
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