Question: Smith issues a note payable for $3.300 on March 1, 2020. The cash received from the note was used to purchase equipment. The note carries
Smith issues a note payable for $3.300 on March 1, 2020. The cash received from the note was used to purchase equipment. The note carries and interest rate of 8.0%, and is due in 3 months. Smith pays the note payable on the due date. What is the journal to record the repayment? Date 1. Mar Debit Credit Account Cash Note Payable $3,300 Date Account Note Payable Interest Expense Cash Debit Credit $3.300 1-Jun 31166 Date 1.Jun Account Note Payable Interest Expense Debit Credit $3,300 $264 Date 1-jun Account Note Payable Interest Expense Debit Credit $3,300 $.960
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