Entries for notes payable A business issued a 60-day, 10% note for $94,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a. - Select - - Select - - Select - - Select - b. - Select - - Select - - Select - - Select - - Select - - Select -
Entries for notes payable A business issued a 60-day, 10% note for $94,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360 days in a year. If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar. Transaction Account Debit Credit a. - Select - - Select - - Select - - Select - b. - Select - - Select - - Select - - Select - - Select - - Select -
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for notes payable
A business issued a 60-day, 10% note for $94,000 to a creditor on account.
If an amount box does not require an entry, leave it blank. If required, round yours answers to whole dollar.
| Transaction | Account | Debit | Credit |
|---|---|---|---|
| a. |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
| b. |
|
- Select - | - Select - |
|
|
- Select - | - Select - | |
|
|
- Select - | - Select - |
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