Question: Exercise 5-16B Record notes payable and interest expense (LO5-7) On March 1, Company A provides legal services to Company B regarding some recent food
Exercise 5-16B Record notes payable and interest expense (LO5-7) On March 1, Company A provides legal services to Company B regarding some recent food poisoning complaints. Legal services total $10,300. In payment for the services, Company B signs a 10% note requiring the payment of the face amount and interest to Company A on September 1. Required: For Company B, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the issuance of the note payable for the legal services received. Note: Enter debits before credits. Date March 01 General Journal Debit Credit Record entry Clear entry View general journal
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