Note Payable

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• Journalize and Post Note Transactions

  Note payable issued Mar.31 Interest 300 Interest payable 300 Interest due on note recorded 1-Apr Notes payable 20000 Interest payable 300 Cash 20300 Face value and interest on note paid 1-Jul Equipment 41000 Cash

• Transocean Shipping's General Journal

  2,400 Feb. 5, 2004 State Sales Tax Payable 2,400 Cash 2,400 Feb. 25, 2004 Cash 200,000 Short-term portions Note Payable 50,000 Long-term portions Note Payable 150,000 July 9, 2004 Note Payable

• What should be reported for the note payable?

  What information should be reported for the note payable in the annual financial statements? Notes Payable Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1.

• Notes Payable, Interest Payable, and Interest Expense

  This posts to the account of Notes Payable, Interest Payable, and Interest Expense

• Journal Entries, Adjusting Entries and Note Balance

  Oct. 1 Cash 50,000 Since it is a zero interest bearing note, the difference between the face value and Discount on Notes Payable 4,000 the maturity value would be taken as discount on notes payable Notes Payable 54,000

• Multiple choice -current assets and current liabililities

  Interest payable b. Wages payable c. Taxes payable d. Notes payable 58. With an interest-bearing note, the amount of assets received upon issuance of the note is generally a. equal to the note's face value.

• Accounting Study Guide: current liabilities, current assets, debt, balance sheet, liquidity, accrued liability, and more...

  Interest payable b. Wages payable c. Taxes payable d. Notes payable 58. With an interest-bearing note, the amount of assets received upon issuance of the note is generally a. equal to the note's face value.

• Denver Pharmacies, Journalize the transactions

  Make a separate interest accrual for each note payable. 2012 Feb 28 Paid the first installment and interest for one year on the four-year note payable. 29 Paid off the 9% note plus interest at maturity.

• Notes Payable, Wages Payable and Journal Entries for State Mill Company

  1 - 11/25 Equipment 86,400 Note payable 86,400 To record purchase of loading cart 12/31 Interest expense 852.16 (86400*10/100*36/365) Interest payable 852.16 To accrue interest expense from note payable 01/24 Note payable 86,400

• Journal Entries for Insurance, Interest and Payment of Note

  129304 Journal Entries for Insurance, Interest and Payment of Note On December 1, 2007 Gates Company borrowed $45, 00 cash from FirstBank on a 90-day, 9% note payable. a.