Homework Answers
a) Journal entry
| date | account and explanation | Debit | Credit |
| July 1 | Cash | 68640 | |
| Notes payable | 68640 | ||
b) Journal entry
| Date | General Journal | Debit | Credit |
| Aug 1 | Interest expense (68640*5%*1/12) | 286 | |
| Cash | 286 | ||
| Aug 31 | Interest expense | 286 | |
| Interest payable | 286 | ||
| Sep 1 | Interest expense | 286 | |
| Cash | 286 | ||
| Oct 1 | Interest expense | 286 | |
| Cash | 286 | ||
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