Question: A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on

A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower?

		a debit to Interest expense for $217
		a debit to Interest payable for $217
		a credit to Cash for $40,000
		a credit to Note payable for $40,867

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A $40,000, four-month, 6.5% note payable was issued on October 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date by the borrower?

A $54,000, four-month, 12% note payable was issued on October 1, 2017. Which of the following would be included in the journal entry required on the note's maturity date by the borrower? (Round your...

1.) A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following would be included in the journal entry required on the note's maturity date? a credit to note payable for...

13th A $20,000, 90-day, 8% note payable was issued on November 1, 2015. Which of the following (1 point) would be included in the journal entry required on the note's maturity date? a credit to note...

Multiple choice (5 pts each) (highlight or clearly mark your answer) On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year...

Quiz 3 Multiple choice (5 pts each) (highlight or clearly mark your answer) On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year...

please assist with any of questions On the ________, cash dividends become a liability of a corporation. declaration date date of record end of the fiscal year payment date ________ are equity...

the unadjusted trial balance for sandhill engineering at its year end , december 31,2021 Help System Announcements Exercise 4-9 The unadjusted trial balance for Sandhill Engineering at its year end,...

The unadjusted trial balance for Crane Engineering at its year end, December 31, 2021, is as follows: CRANE ENGINEERING Trial Balance December 31, 2021 Debit Credit Cash $ 8,400 Accounts receivable...

In the region shown to the right, there is a uniform electric field of magnitude 39.3 N/C which points in the negative y direction. Points 2, 3, and 4 are all 0.371 m away from point 1, and the angle...

Dansville Restaurant Supply manufactures commercial stoves and ovens for restaurants and bakeries. The company uses job costing to calculate the costs of its jobs with direct labor cost as its...

Assume an employer implements a SIMPLE IRA with a 3 % employer - matching contribution. What is the effective includible compensation limit for employees younger than age 5 0 for a SIMPLE IRA for 2 0...

This early English method of control established places where the poor were locked up and put to work. Bedlams. Penitentiaries. Workhouses. Hulks.

Describe the business model used by Australian universities. Should Australian universities reconsider their business model?

Describe the situation of casual workers within Australian universities, with reference to various HRM theories.

Understand links between the United Nations Sustainable Development Goals and HRM.