Question: A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note

A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the entries to record
(a) The issuance of the note and
(b) The payment of the note at maturity, including interest?

Step by Step Solution

★★★★★

3.37 Rating (156 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Accounts Payable 90000 Notes ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1244-B-M-A-C-B-D(1383).docx

120 KBs Word File

Students Have Also Explored These Related Managerial Accounting Questions!

Consider a Pb-15% Sn alloy. During solidification, determine (a) The composition of the first solid to form; (b) The liquids temperature, solidus temperature, solvus temperature, and freezing range...

A business issued a 60-day note for $75,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record (a) The issuance of the note and (b) The payment of the note at...

A business issued a 90-day, 7% note for $30,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) The issuance of the note and (b) The payment...

A business issued a 60-day, 5% note for $9,000 to a creditor on account. Journalize the entries to record (a) The issuance of the note (b) The payment of the note at maturity, including interest.

tries for Notes Payable business issued a 120-day, 5% note for $90,000 to a ereditor on account. Journalize the entries to record (a) the issuance of the note and (b) the or a compound transaction,...

Entries for notes payable Instructions Chart of Accounts Jouma Instructions A business issued a 45-day, 4% note for S 180,000 to a creditor on account. Journalize the entries to record (a) the...

need help plz with accounting for the following questions Payroll Entries Widmer Company had gross wages of $274,000 during the week ended June 17 . The amount of wages subject to social security tax...

thank you!!! please answer questikns 1-3 Assume a 360 days in a year. If required, round your answers to the nearest dollar. If an amount box does not require an entry, leave it bilik. a. Journalize...

need help plz with accounting on these questions Depreciation by units-of-activity Method Prior to adjustment at the end of the year, the balance in Trucks is $423,500 and the balance in Accumulated...

need help plz for accounting its my last question to ask on chegg, need help for the following questions (first two pics are of the same question) Payroll Entries The payroll register for D. Salah...

Entries for notes payable A business issued a 120-day, 10% note for $83,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at...

Calculate both the tax revenue required to gen erate the surplus budget shown and the change in national income that will result in each of the three cases in the following table. SURPLUS GOVERNMENT...

Harry is a furniture dealer in town. Harry calls up another merchant and says he will sell 35 dressers for the standard price and the other merchant Sam says you have a deal. The last standard price...

A record company went out of business because too many of its customers downloaded its musle Megally from the internet rather than purchasing the digital copy from the record company. This instance...

On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of $3) at $12. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1%...

Indicate which of the following variables are quantitative and which are qualitative. a. The amount of time a student spent studying for an exam b. The amount of rain last year in 30 cities c. The...

Classify the quantitative variables in Exercise 1.15 as discrete or continuous. In Exercise 15 a. The amount of time a student spent studying for an exam b. The amount of rain last year in 30 cities...

On January 1, 2016, Aspen Company acquired 80 percent of Birch Company's voting stock for $288,000. Birch reported a $300,000 book value, and the fair value of the noncontrolling interest was $72,000...

On January 1, 2010, Piranto acquires 90 percent of Slintons outstanding shares. Financial information for these two companies for the years of 2010 and 2011 follows: Assume that a tax rate of 40...

10. Guessing Answers Several economics students are unprepared for a multiple-choice quiz with 25 questions, and all of their answers are guesses. Each question has five possible answers, and only...

Using Wikipedia (www.wikipedia.org), look up the entry for Sarbanes-Oxley Act. Look over the table of contents and find the section that describes Section 404. What does section 404 require of...

What is the difference between horizontal and vertical analysis of financial statements?

What is Hard disk drive in computing

Johnny Cake Ltd. has 10 million shares of stock outstanding selling at $23 per share and an issue of $50 million in 9 percent, annual coupon bonds with a maturity of 17 years, selling at 93.5 percent...

Modern Artifacts can produce keepsakes that will be sold for $80 each. Nondepreciation fixed costs are $2,800 per year, and variable costs are $40 per unit. The initial investment of $5,000 will be...