Journal Instructions A business issued a 45-day, 4% note for $180,000 to a creditor on account.
Entries for notes payable Instructions Chart of Accounts
Journal Instructions A business issued a 45-day, 4% note for $180,000 to a creditor on account.
Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles.
a. Journalize the entry to record the issuance of the note on January 1. Refer to the Chart of Accounts for exact wording of account titles.
b. Journalize the entry to record the payment of the note at maturity, including interest on February 15. Assume a 360-day year and round amounts to the nearest whole dollar. Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
| Jan 1 | Accounts Payable | 180,000 | |
| Notes payable | 180,000 | ||
| Feb 15 | Notes payable | 180,000 | |
| Interest payable (180,000*4%*45/360) | 900 | ||
| Cash | 180,900 | ||
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