A business issued a 120-day,6% note for $10,000 to a creditor on account.The company uses a 360-day year for interest calculations.Journalize the entries to record a the issuance of the note and b the payment of the note at maturity,including interest.

$\begin{array}{|c|c|c|r|}
\hline & \text { Description } & \text { Debit } & \text { Credit } \
\hline \text { a } \
\hline & \
\hline & & & \
\hline & & & \
\hline \text { b }& \
\hline & \
\hline & \
\hline
\end{array}$

Question

A business issued a 120-day,6% note for $10,000 to a creditor on account.The company uses a 360-day year for interest calculations.Journalize the entries to record a the issuance of the note and b the payment of the note at maturity,including interest.
 
$\begin{array}{|c|c|c|r|}
\hline & \text { Description } & \text { Debit } & \text { Credit } \
\hline \text { a }  \
\hline & \
\hline & & & \
\hline & & & \
\hline  \text { b }&   \
\hline & \
\hline & \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of A business issued a 120-day,6% note for $10,000 to a creditor on account.The company uses a 360-day year for interest calculations.Journalize the entries to record a the issuance of the note and b the payment of the note at maturity,including interest.
 
$\begin{array}{|c|c|c|r|}
\hline & \text { Description } & \text { Debit } & \text { Credit } \
\hline \text { a }  \
\hline & \
\hline & & & \
\hline & & & \
\hline  \text { b }&   \
\hline & \
\hline & \
\hline
\end{array}$

A Business Issued a 120-Day,6% Note for $10,000 to a Creditor