Recording note payable transactions [5-10 min]
Consider the following note payable transactions of Creative Video Productions.
2012 | |
May1 | Purchased equipment costing $17,000 by issuing a one-year, 6% note payable. |
Dec 31 | Accrued interest on the note payable. |
2013 |
|
May1 | Paid the note payable at maturity. |
Requirement
1. Journalize the transactions for the company.
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