eBook Brief Exercise 8-38 (Algorithmic) Notes Payable Required: Main.do?invoker=&takeAssignmentSession Locator=&inprogress=false Renchen Company, which manufactures steel tubing and casing for automobile production, borrowed $588,000 on January 1 to finance the purchase of a new piece of machine new heating technology. The terms of Renchen's note dictate that it is a 5-month, 8%, interest-bearing note. 1. Record the borrowing transaction. Jan. 1 June 1 (Record issuance of note payable) 2. Record the repayment transaction. If an amount box does not require an entry, leave it blank. GE * = 0 (Record payment of interest and principal) F

Notes Payable new heating technology, The terms of Renchen's nate dictate that it is a 5 -month, 8%, interest-bearing note. Required: 2. Record the repsyment transaction. if an amount box does not require an entry, lewve it blank