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lilavasa [31]
3 years ago
12

Entries for Notes Payable A business issued a 60-day, 10% note for $83,000 to a creditor on account. Journalize the entries to r

ecord (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year.
Business
1 answer:
sattari [20]3 years ago
6 0

Explanation:

The journal entries are as follows

1. Account payable $81,617

Interest expense $1,383.33

              To Notes payable $83,000

(Being the issuance of the note is recorded)

The interest expense is computed below:

= $83,000 × 60 days ÷ 360 days × 10%

= $1,383.33

2. Note payable Dr $75,000

        To Cash $75,000

(Being the payment is recorded)

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