Chapter $5$ Homework graded i

Exercise $5-16($Algo$)$ Record notes payable and interest expense $($LO$5-7)$

On March $1,$ Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $$9,400.$ In payment for the services, Whole Grain Bakery signs a $9\%$ note requiring the payment of the face amount and interest to Terrell & Associates on September $1.$

Required:

For Whole Grain Bakery, record the issuance of the note payable on March $1$ and the cash payment on September $1.($If no enrry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

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Journal entry worksheet

$120>$

Record the issuance of the note payable for the legal services received.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $01,,,],[,,$ Prev $6$ of $6$ III Next,$]]$