Payment of the Note Assignment
Copperfield and Company issued a 90-day, 6.00% note for $200,000 to a creditor on account. The previous clerk entered the following journal entries to record then July 10, and the payment of the note at maturity.
PAGE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTER DEBIT CREDIT ASSETS LIABILITIES EU Jul 10 Accounts Payable 200,000.00 Notes Payable 212,000.00 Accounts Payable 200,000.00 Interest Expense 12,000.00 you notice that the journal entry for recording the note on July 10 is correct, but the entry for the payment of the note at maturity (including interest) did not have a date was not correct Journalize the payment of the note af maturity as it should have been journalized. Don’t forget to include the date. Assume a 360-day year. JOURNAL Score: 35/37 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS ABILITIES Equm Jul 10 10 10 Notes Payable Interest Expense Cash DEBIT 200,000.00 3,000.00 205,000.00. Get Accounting homework help today