19. Prepare the general journal entries for the following notes payable transactions for the Village Dock Café. Mar. 3 Village Dock Café purchased merchandise on account, $6,000. Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account. 30 Village Dock Café paid off the preceding note on the maturity date.

Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x Rx T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90 W3 B

Blossom Wholesalers accepts from Gates Stores a $8,000, 4-month, 9% note dated May 31 in settlement of Gates' overdue account. The maturity date of the note is September 30. (a1) Your answer is correct. Calculate the interest payable at maturity. Interest payable at maturity $ eTextbook and Media List of Accounts (a2) 240 Account Titles and Explanation What entry does Blossom make at the maturity date, assuming Gates pays the note and interest in full at that time? (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Debit Attempts: 1 of 3 used Credit

On January 1, $50,000 cash is borrowed from a bank in return for a 6% installment note with 24 monthly payments of $2,216 each. 1. Prepare the journal entry to record the issuance of the note.2. Prepare the journal entry to record the first monthly interest payment.

journalize the following entries on the books of the borrower.  Assume a 360-day year.   January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1                       Jan 30                       March 29

Entries for discounted note payable Instructions Chart of Accounts Instructions Journal A business issued a 45-day note for $84,000 to a creditor on account. The note was discounted at 9% Required: Journalize the entries to record (a) the issuance of the note on March 1 and (b) the payment of the note at maturity. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Assume a 360-day year. Round your answers to nearest whole dollar.

Journalize the following entries on the books of the borrower and creditor.  Label accordingly. (Assume a 360-day year is used for interest calculations.) ​ June    1 James Co. purchased merchandise on account from O’Leary Co., $90,000, terms n/30.  The cost of merchandise sold was $54,000.          30 James Co. issued a 60-day, 5% note for $90,000 on account. Aug. 29 James Co. paid the amount due.