Question

ileyPLUS necessary entries below associated with the note payable on the books of Jordan Company Credit account tities are automatically indented If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) co niies and enter amounts June 30 is reauined, select "No Entrv" for the

Answer 1

Date	account titles & Explanations				Debit	Credit
1-Mar	Cash				240,000
	notes payable					240,000
30-Jun	interest expense				6400
	interest payable					6,400
	(240,000*8%*4/12)
31-Aug	interest expense				3200
	interest payable					3,200
	(240000*8%*2/12)
1-Sep	Notes payable				240,000
	interest payable				9600
	cash					249,600