Homework Answers
| Journal Entries | ||||
| Sr. No. | Date | Account Title and explanation | Debit | Credit |
| PART A | ||||
| 1 | March 31, 2017 | Cash | $ 10,000 | |
| Note Payable | $ 10,000 | |||
| PART B | ||||
| 2 | Dec 31, 2017 | Interest Expenses ($ 10,000 X 10% X9 / 12 Month) | $ 750 | |
| Interest Payable | $ 750 | |||
| PART C | ||||
| 3 | March 31, 2018 | Interest Payable | $ 750 | |
| Interest Expenses ($ 10,000 X 10% X3 / 12 Month) | $ 250 | |||
| Note Payable | $ 10,000 | |||
| Cash | $ 11,000 | |||
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