Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| January 1, 2021 |
Cash 6% notes payable |
$13000 . |
. $13000 |
| January 31, 2021 |
6% notes payable interest expenses ($13000 x 6%) x (1/12) Cash |
$330.49 $65 . |
. . $395.49 |
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purchase a new Toyota Highlander by agreeing to a 6%, 4-year note
with the bank. Payments of $751.52 are due at the end of each month
with the first installment due on January 31, 2021.
Record the issuance of the note payable and the first two monthly
payments. (If no entry is required for a particular
transaction/event, select "No Journal Entry Required" in the first
account field. Do not round intermediate...
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