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denpristay [2]
3 years ago
7

On October 1, Vaughn's Carpet Service borrows $349000 from First National Bank on a 4-month, $349000, 9% note. What entry must V

aughn's Carpet Service make on December 31 before financial statements are prepared
Business
1 answer:
____ [38]3 years ago
3 0

Answer:

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

Explanation:

Preparation of Vaughn's Carpet Service Journal entry

Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

$349,000 +($349,000 *.09* 4/12)

=$349,000+10,470

=$359,,470

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