The Gaynor Company had the following transactions involving notes payable during 2019. Record the transactions on page 5 of a general journal. Omit descriptions.
Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180-day, 9 percent note for $16,000.
Apr. 10 Borrowed $13,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable.
June 9 Paid the note due Guarantee Bank.
July 14 Paid the note due Corporate Outfitters.

Question

The Gaynor Company had the following transactions involving notes payable during 2019. Record the transactions on page 5 of a general journal. Omit descriptions.
Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180-day, 9 percent note for $16,000.
Apr. 10 Borrowed $13,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable.
June 9 Paid the note due Guarantee Bank. 
July 14 Paid the note due Corporate Outfitters.

Quizplus · Accepted Answer

The Answer of The Gaynor Company had the following transactions involving notes payable during 2019. Record the transactions on page 5 of a general journal. Omit descriptions.
Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180-day, 9 percent note for $16,000.
Apr. 10 Borrowed $13,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable.
June 9 Paid the note due Guarantee Bank. 
July 14 Paid the note due Corporate Outfitters.

The Gaynor Company Had the Following Transactions Involving Notes Payable