The NZA Bank agrees to issue $180,000 of 3-month notes payable to Campbell Ltd on 1 March 2019. The notes are interest-bearing at the rate of 10%.
Prepare the journal entries to record:
(a) the notes on issue date
(b) the repayment of the notes including the interest, on due date.

Question

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The Answer of The NZA Bank agrees to issue $180,000 of 3-month notes payable to Campbell Ltd on 1 March 2019. The notes are interest-bearing at the rate of 10%.
Prepare the journal entries to record:
(a) the notes on issue date
(b) the repayment of the notes including the interest, on due date.

The NZA Bank Agrees to Issue $180,000 of 3-Month Notes