Assume Nutricare company issued a 90-day, 12% note for $1000 dated August 1,20Y7, to Bowden company...
Assume Nutricare company issued a 90-day, 12% note for $1000 dated August 1,20Y7, to Bowden company for a $1000 overdue account.
Journalize entries for:
a. Issuance of the note
b. Payment of note at maturity
Homework Answers
Solution:
| Journal Entries - Nutricare company | |||
| Date | Particulars | Debit | Credit |
| 1-Aug | Accounts payable Dr | $1,000.00 | |
| To Notes Payable | $1,000.00 | ||
| (To record issuance of note) | |||
| 30-Oct | Notes payable Dr | $1,000.00 | |
| Interest expense Dr | $30.00 | ||
| To Cash | $1,030.00 | ||
| (To record payment of note at maturity) |
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