Homework Answers
Ans:
|
Date |
Account Title |
Debit |
Credit |
|
01-Mar |
Cash |
$ 11,190,000 |
|
|
Discount on Notes Payable(12000,000*9/100*9/12) |
$ 810,000 |
||
|
Notes Payable |
$ 12,000,000 |
||
|
(To Record eight month 9% note issued on march ,01 at Discount) |
|||
|
31, Dec |
Interest Expense(12000,000*9/100*9/12) |
$ 810,000 |
|
|
Discount on Notes Payable |
$ 810,000 |
||
|
(To record interest Expense adjusting Entry) |
|||
|
31-Dec |
Notes Payable (Face Amount) |
$ 12,000,000 |
|
|
Cash |
$ 12,000,000 |
||
|
(To record repayment of Notes Payable) |
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