Review for Final Notes Payable

Review for Final Notes Payable - • John obtain a note...

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Click to edit Master subtitle style 12/10/10 Review for Final Note Payable Problem
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12/10/10 Short Term Note Payable John obtain a note payable of 100,000, 90 day note, 10% interest for a delinquent account payable. Find the interest due, Prepare the journal entry to record the note payable, Record payment of note and interest
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12/10/10 Short Term Note Payable John obtain a note payable of 100,000, 90 day note, 10% interest for a delinquent account payable. Find the interest due – 100,000 * .1 * 90/360 = 2,500
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12/10/10 Short Term Note Payable
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Unformatted text preview: • John obtain a note payable of 100,000, 90 day note, 10% interest for a delinquent account payable. • Prepare the journal entry to record the note payable Accounts Payable 100,000 Notes Payable 100,000 12/10/10 Short Term Note Payable • John obtain a note payable of 100,000, 90 day note, 10% interest for a delinquent account payable. • Record payment of note and interest Note Payable 100,000 Interest Expense 2,500 Cash 102,500 12/10/10 Pass Phrase • Listen for the pass phrase and write it down for extra credit...
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