journal

Required information Short-term notes payable are current liabilities, most bear interest. When a short-term note's face value equals the amount borrowed, it identifies a rate of interest to be paid at maturity. Knowledge Check 01 Coolidge Company owes $1,000 for merchandise Inventory purchased from Ross Company during April. The amount owed is now past due. On June 15, Coolidge meets with Ross and convinces Ross to accept $100 cash and a 30 day, 10 percent. $600 note payable to replace the account payable. Prepare the June 15 journal entry for Coolidge entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. Journal entry worksheet Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30- day, 10 percent, $600 note payable to replace the account payable. Note: Enter debits before credits. General Journal Date Jun 15 Debit Credit Record entry Clear entry View general journal