On November 1, 2020, Slow Inc. purchased a delivery truck from DW Trucks, costing $94,000. However, due to cash flow problems, Slow Inc. is currently unable to make the payment. Therefore, to assure DW Trucks that it will be paid, Slow Inc. signed a one-year note with 6% interest per annum, to be payable at maturity. Slow Inc.'s year-end is on December 31. Prepare all the necessary journal entries related to the notes payable from the time it is signed to the maturity date. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 To record the purchase of delivery truck Dec 31 To record interest accrued Oct 31 To record the payment of note payable

On November 1, 2020, Slow Inc. purchased a delivery truck from DW Trucks, costing $94,000. However, due to cash flow problems, Slow Inc. is currently unable to make the payment. Therefore, to assure DW Trucks that it will be paid, Slow Inc. signed a one-year note with 6% interest per annum, to be payable at maturity. Slow Inc.'s year-end is on December 31. Prepare all the necessary journal entries related to the notes payable from the time it is signed to the maturity date. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Nov 1 To record the purchase of delivery truck Dec 31 To record interest accrued Oct 31 To record the payment of note payable

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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