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.

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.

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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.

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