Question text Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr. 8 Issued a $7,800, 75-day, 8% note payable in payment of an account with Bennett Company. May 15 Borrowed $39,000, 60-day, 9% note from Lincoln Bank. Jun. 22 Paid Bennett Company the principal and interest due on the April 8 note payable. Jul. 6 Purchased $15,000 of merchandise from Bolton Company; signed a note for 90-day, 10% interest. Jul. 14 Paid the May 15 note due Lincoln Bank. Oct. 2 Borrowed $27,000, 120-day, 12% note from Lincoln Bank. Oct. 4 Defaulted on the note payable to Bolton Company.

CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 12 Not yet answered Marked out of 15.00P Flag question Journal Entries for Accounts and Notes Payable Logan Company had the following transactions 8 Issued a $7,800, 75-day, 8% note payable in payment of an account with Bennett Company 15 Borrowed $39,000, 60-day, 9% note from Lincoln Bank 22 Paid Bennett Company the principal and interest due on the April 8 note payable Apr. May Jun. Jul Jul. Oct. Oct. Purchased $15,000 of merchandise from Bolton Company, signed a note for 90-day, 10% interest. 14 Paid the May 15 note due Lincoln Bank. 2 Borrowed $27,000, 120-day, 12% note from Lincoln Bank. 4 Defaulted on the note payable to Bolton Company Required a. Record these transactions in general journal form b. Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end Round answers to nearest dollar. Use 360 days for interest calculations General Journal Debit Date Description Credit issued a 75-day, 8% note payable in payment of an account payable May 15 Borrowed from bank for 60 days at 9% Jun.22 Borrowed from bank for 60 days at 9% Jun.22 Interest Expense Paid note payable to Bennett Company Jul.6 Purchased merchandise and issued a note payable with interest at 10% for 90 days. Jul.14 Interest Expense Paid note payable to Lincoln Bank. Oct.2 Borrowed from bank for 120 days at 12% Oct.4 Interest Expense Defaulted on note payable General Journal Date Description Debit Credit Dec.31 General Journal Debit Description Credit Date Dec.31 To record interest on the October 2 note payable to Lincoln Bank