Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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Having sold the equipment, OPC pays off the note payable in full on 1/17. The
amount paid is $23,613, which includes interest accrued in December and an
additional $95 interest through January 17. Record the transaction.
Transcribed Image Text:Having sold the equipment, OPC pays off the note payable in full on 1/17. The amount paid is $23,613, which includes interest accrued in December and an additional $95 interest through January 17. Record the transaction.
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