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Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9-month note. The entry made by Blossom Company on January 1 to record the proceeds and issuance of the note is Cash 320000   Interest Expense 14400        Notes Payable   320000      Interest Payable   14400 Cash 320000   Interest Expense 14400        Notes Payable   334400 Interest Expense 14400   Cash 305600        Notes Payable   320000 Cash 320000        Notes Payable   320000       Save for Later

Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9-month note. The entry made by Blossom Company on January 1 to record the proceeds and issuance of the note is Cash 320000   Interest Expense 14400        Notes Payable   320000      Interest Payable   14400 Cash 320000   Interest Expense 14400        Notes Payable   334400 Interest Expense 14400   Cash 305600        Notes Payable   320000 Cash 320000        Notes Payable   320000       Save for Later

FINANCIAL ACCOUNTING
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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Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9-month note. The entry made by Blossom Company on January 1 to record the proceeds and issuance of the note is

Cash 320000  
Interest Expense 14400  
     Notes Payable   320000
     Interest Payable   14400
Cash 320000  
Interest Expense 14400  
     Notes Payable   334400
Interest Expense 14400  
Cash 305600  
     Notes Payable   320000
Cash 320000  
     Notes Payable   320000
 
 
 
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