A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the...
Homework Answers
| General Journal | Debit | Credit | |
| (a) | Accounts payable | $90,000 | |
| Notes Payable | $90,000 | ||
| (b) | Notes Payable | $90,000 | |
| Interest Expense($90,000 x 5% x 120/360) | $1,500 | ||
| Cash | $91,500 |
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A business issued a 120-day, 5% note for $90,000 to a creditor on account. Journalize the...
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