On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note...
On July 1, Shady Creek Resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $37,258. What is the appropriate journal entry to record the issuance of the note?
Homework Answers
Answer-The appropriate journal entry to record the issuance of note is:-
| Date | Account Title and Explanation | Debit ($) | Credit ($) |
| July 1 | Cash | 250,000 | |
| Notes Payable | 250,000 | ||
| (To record the issuance of note) |
Explanation:-
As Shady Creek Resort is receiving cash so it will be debited because increase in asset is debited and notes payable issued against the cash so it is credited.
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