On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by agreeing to a 7%, 4-year note with the bank. Payments of $718.39 are due at the end of each month with the first installment due on January 31, 2021. Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Record the issuance of the note payable on Jan 01, 2021. Date General Journal Debit Credit January 01, 2021 Record the first payment on Jan 31, 2021. Date General Journal Debit Credit January 31, 2021 Record the second payment on Feb 28, 2021. Date General Journal Debit Credit February 28, 2021
On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by agreeing to a 7%, 4-year note with the bank. Payments of $718.39 are due at the end of each month with the first installment due on January 31, 2021. Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Record the issuance of the note payable on Jan 01, 2021. Date General Journal Debit Credit January 01, 2021 Record the first payment on Jan 31, 2021. Date General Journal Debit Credit January 31, 2021 Record the second payment on Feb 28, 2021. Date General Journal Debit Credit February 28, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 2021, Julee Enterprises borrows $30,000 to purchase a new Toyota Highlander by agreeing to a 7%, 4-year note with the bank. Payments of $718.39 are due at the end of each month with the first installment due on January 31, 2021.
Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No
- Record the issuance of the note payable on Jan 01, 2021.
-
Date General Journal Debit Credit January 01, 2021 - Record the first payment on Jan 31, 2021.
-
Date General Journal Debit Credit January 31, 2021 - Record the second payment on Feb 28, 2021.
-
Date General Journal Debit Credit February 28, 2021
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