On July 1, 2019, Bazaarist Inc. issued a $1000 trade note to a supplier to purchase...

 

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On July 1, 2019, Bazaarist Inc. issued a $1000 trade note to a supplier to purchase inventory. The trade note bears a stated interest rate of 8% and matures on December 31, 2019. Record the journal entry for the repayment of the trade note. Select all that apply. Dr. Interest payable -- $40 Dr. Trade note payable -- $1040 Cr. Discount on trade note payable -- $40 Dr. Cash $1080 -- Dr. Trade note payable-- $1000 Cr. Cash $1040 -- Nex On July 1, 2019, Bazaarist Inc. issued a $1000 trade note to a supplier to purchase inventory. The trade note bears a stated interest rate of 8% and matures on December 31, 2019. Record the journal entry for the repayment of the trade note. Select all that apply. Dr. Interest payable -- $40 Dr. Trade note payable -- $1040 Cr. Discount on trade note payable -- $40 Dr. Cash $1080 -- Dr. Trade note payable-- $1000 Cr. Cash $1040 -- Nex

Answer rating: 100% (QA)

The correct journal entry for the repayment of the trade note ... View the full answer