Question: Problem #2 [Exchanging Accounts Payable for Note Payable] April 21, purchased merchandise on account from XYZ Company, $80,600. terms, n/30. May 10 , issued a
Problem \#2 [Exchanging Accounts Payable for Note Payable] April 21, purchased merchandise on account from XYZ Company, $80,600. terms, n/30. May 10 , issued a 45 -day 5% note for $80,600 in exchange for the accounts payable. A) Prepare the April 21 journal entry. B) Prepare the May 10 journal entry. C) Calculate the maturity date of the note payable. D) Calculate the maturity value of the note payable. E) Prepare the journal entry for payment of the note at the maturity date
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