Question: can you please do the entries needed for general ledger?? interest is 3.75%theres some extra info in the other pictures Note Payable at June 30,

can you please do the entries needed for general ledger?? interest is 3.75%theres some extra info in the other pictures  can you please do the entries needed for general ledger?? interest
is 3.75%theres some extra info in the other pictures Note Payable at
June 30, 2020: The payee is Quality Bank, with an original principal

Note Payable at June 30, 2020: The payee is Quality Bank, with an original principal of $200,000, but the current amount owed at June 30, 2020 is $88,000. Interest is payable each six months at a 3.75% rate and interest has been accrued at June 30 of $1,650. Interest is charged on the unpaid balance of the note. Note Payable at June 30, 2020: The payee is Quality Bank, with an original principal of $200,000, but the current amount owed at June 30, 2020 is $88,000. Interest is payable each six months at a 3.75% rate and interest has been accrued at June 30 of $1,650. Interest is charged on the unpaid balance of the

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!