Notes payable
On 1 September 2014, George Hanby borrowed $100,000 from The Actors Finance and signed an 6%, one-year note payable, all due at maturity. The interest on this loan is stated separately.
(a) The amount Hanby must pay on 1 September 2015, when the note matures is $________________.
(b) The interest expense Hanby will recognize on this note in 2015 is $_______________.
(c) At 31 December 2014, George Hanby' overall liability for this loan amounts to $________________.
(d) In the space provided below, give the adjusting entry made by George Hanby on 31 December 2014, with respect to this note.
$$\begin{array} { | l | l | l | l | }
\hline \text { 31 Dec } & \text { General Journal } &\quad\quad &\quad\quad \
\hline & & & \
\hline & & & \
\hline & & & \
\hline & & & \
\hline
\end{array}$$

Question

Notes payable
On 1 September 2014, George Hanby borrowed $100,000 from The Actors Finance and signed an 6%, one-year note payable, all due at maturity. The interest on this loan is stated separately.
(a) The amount Hanby must pay on 1 September 2015, when the note matures is $________________.
(b) The interest expense Hanby will recognize on this note in 2015 is $_______________.
(c) At 31 December 2014, George Hanby' overall liability for this loan amounts to $________________.
(d) In the space provided below, give the adjusting entry made by George Hanby on 31 December 2014, with respect to this note.
 $$\begin{array} { | l | l | l | l | } 
\hline \text { 31 Dec } & \text { General Journal } &\quad\quad &\quad\quad \
\hline & & & \
\hline & & & \
\hline & & & \
\hline & & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Notes payable
On 1 September 2014, George Hanby borrowed $100,000 from The Actors Finance and signed an 6%, one-year note payable, all due at maturity. The interest on this loan is stated separately.
(a) The amount Hanby must pay on 1 September 2015, when the note matures is $________________.
(b) The interest expense Hanby will recognize on this note in 2015 is $_______________.
(c) At 31 December 2014, George Hanby' overall liability for this loan amounts to $________________.
(d) In the space provided below, give the adjusting entry made by George Hanby on 31 December 2014, with respect to this note.
 $$\begin{array} { | l | l | l | l | } 
\hline \text { 31 Dec } & \text { General Journal } &\quad\quad &\quad\quad \
\hline & & & \
\hline & & & \
\hline & & & \
\hline & & & \
\hline
\end{array}$$

Notes Payable on 1 September 2014, George Hanby Borrowed $100,000

Notes Payable
on 1 September 2014, George Hanby Borrowed $100,000