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Recording Entries for Note Payable Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates.  a. January 1, 2020, for issuance of the note.  b. June 30, 2020, for the interest payment.       Date Account Name Dr. Cr. a. Jan. 1, 2020 Answer Answer Answer     Answer Answer Answer b. June 30, 2020 Answer Answer Answer     Answer Answer Answer

Recording Entries for Note Payable Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates.  a. January 1, 2020, for issuance of the note.  b. June 30, 2020, for the interest payment.       Date Account Name Dr. Cr. a. Jan. 1, 2020 Answer Answer Answer     Answer Answer Answer b. June 30, 2020 Answer Answer Answer     Answer Answer Answer

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Recording Entries for Note Payable

Lacey Corp. issued a three-year, $17,500 note with an 8% stated rate to Hayley Co. on January 1, 2020, and received cash of $17,500. The note requires semiannual interest payments on June 30 and December 31. Provide journal entries to be made at each of the following dates. 

a. January 1, 2020, for issuance of the note. 

b. June 30, 2020, for the interest payment.

 

 

  Date Account Name Dr. Cr.
a. Jan. 1, 2020 Answer Answer Answer
    Answer Answer Answer
b. June 30, 2020 Answer Answer Answer
    Answer Answer Answer
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