Question: Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. Assume a 360-day year. If an amount

Entries for Notes Payable

Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.

Assume a 360-day year. If an amount box does not require an entry, leave it blank.

Question Content Area

a. Journalize Laughlin Enterprises entries to record:

  1. the issuance of the note.
  2. the payment of the note at maturity.

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