Question: On April 30 , 2018 , Franklin Co. borrowed $ 18,000 on a one-year, 9 percent note payable. What amounts would Franklin Co. report for

On April 30 , 2018 , Franklin Co. borrowed $ 18,000 on a one-year, 9 percent note payable.

What amounts would Franklin Co. report for the note payable and the related interest payable on its balance sheet at July 31 , 2018 , and on its income statement for the year ended July 31 , 2018 ? Start by selecting the accounts and entering the amounts relating to the note payable on the partial balance sheet.

Balance Sheet (partial)

July 31, 2018

Assets

Liabilities (Partial)

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