In an effort to raise some cash for operating activities, Swifty Corporation approached Blue Spruce Ltd. and asked to borrow$119 ,000 (the Presidents of Swifty and Blue Spruce were cousins). Blue Spruce agreed to loan $119,000 to Swifty for three monthsat 6% interest. On August 1, Swifty signed a promissory note for the amount, promising to repay the funds plus interest onNovember 1. Prepare the journal entry for the repayment of the note receivable plus interest on November 1.

In an effort to raise some cash for operating activities, Swifty Corporation approached Blue Spruce Ltd. and asked to borrow$119 ,000 (the Presidents of Swifty and Blue Spruce were cousins). Blue Spruce agreed to loan $119,000 to Swifty for three monthsat 6% interest. On August 1, Swifty signed a promissory note for the amount, promising to repay the funds plus interest onNovember 1. Prepare the journal entry for the repayment of the note receivable plus interest on November 1.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 9PB: Pickles R Us is a pickle farm located in the Northeast. The following transactions take place: A. On...

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