On March 1, 2020, Jaiku Industrial gave Light Co. a 180-day, 8%, $78,000 note payable to extend

Fantastic news! We've Found the answer you've been seeking!

Question:

On March 1, 2020, Jaiku Industrial gave Light Co. a 180-day, 8%, $78,000 note payable to extend past due account payable. Prepare the journal entry for Jaiku Industrial to record payment of the note on August 28, 2020. Jaiku Industrial recorded a April 30 ^th year end adjusting entry.