
(a)
Notes payable
Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.
To prepare: The
(b)
To prepare: The
(c)
The journal entry to record 8% notes payable payment, and interest of the note to Bank A on December 1.
(d)
To Compute: The total financing cost (interest expenses) of 8% notes payable, using principal amount, interest expenses and interest time period.

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Chapter 10 Solutions
Financial Accounting: Tools for Business Decision Making, 8e WileyPLUS (next generation) + Loose-leaf
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