Knowledge Check 01 On February 1, Armstrong, Inc., borrowed $200,000 cash from First Bank under a...
Knowledge Check 01 On February 1, Armstrong, Inc., borrowed $200,000 cash from First Bank under a noncommitted short-term line of credit arrangement and issued a three-month, 12% promissory note. Prepare the appropriate journal entry dated May 1 for the payment of principal and interest made at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
| Date | particular | debit | credit |
| 1- May | Note payable | 200,000 | |
| Interest expense | 6,000 | ||
| Cash | 206,000 |
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Knowledge Check 01 On February 1, Armstrong, Inc., borrowed
$200,000 cash from First Bank under a...
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Solve Journal entry please!
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Solve Journal entry please!
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