During 2019, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June
Question:
During 2019, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June 8, the company borrowed $30,000, giving a 120-day, 7 percent note, and on September 8, the company discounted at 7 percent a $40,000, 90-day note payable.
1. Give entries in general journal form to record issuance of each of these notes.
2. Record in general journal form issuance of a check to pay each note.
Step by Step Answer:
GENERAL JOURNAL PAGE DATE DESCRIPTION POST REF DEBIT ...View the full answer
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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