Journal Entries (Note Issued for Bank Loan) July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year DATE ACCOUNT TITLE DEBIT CREDIT 20--Jul. 15 __________ _____ _____ __________ _____ _____ __________ _____ _____ Sept. 13 _________ ______ _____ _________ ______ _____ __________ ______ ______ ________ ______ ______
Journal Entries (Note Issued for Bank Loan) July 15 Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. Sept. 13 Paid the $5,000 note, recognizing the discount as interest expense. Prepare general journal entries for the transactions. Assume 360 days in a year DATE ACCOUNT TITLE DEBIT CREDIT 20--Jul. 15 __________ _____ _____ __________ _____ _____ __________ _____ _____ Sept. 13 _________ ______ _____ _________ ______ _____ __________ ______ ______ ________ ______ ______
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| July 15 | Borrowed $5,000 cash from the bank, giving a 60-day non-interest-bearing note. The note is discounted 8% by the bank. |
| Sept. 13 | Paid the $5,000 note, recognizing the discount as interest expense. |
Prepare general journal entries for the transactions. Assume 360 days in a year
| DATE | ACCOUNT TITLE | DEBIT | CREDIT |
|---|
20--
Jul. 15 __________ _____ _____
__________ _____ _____
__________ _____ _____
Sept. 13 _________ ______ _____
_________ ______ _____
__________ ______ ______
________ ______ ______
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