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 the note on July 10, and the payment of the note at maturity. 1 2 4 5 DATE Jul. 10 Accounts Payable Notes Payable 1 Notes Payable 2 Accounts Payable Interest Expense 3 DESCRIPTION JOURNAL DATE Jul. 10 Accounts Payable POST. REF. DESCRIPTION DEBIT 200,000.00 Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. JOURNAL 212,000.00 POST. REF. CREDIT 200,000.00 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 and was not correct. 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00 ACCOUNTING EQUATION LIABILITIES ↓ ↑ ↓ ↑ PAGE 25 ASSETS EQUITY LIABILITIES ↓ ↑ ACCOUNTING EQUATION PAGE 25 EQUITY

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 the note on July 10, and the payment of the note at maturity. 1 2 4 5 DATE Jul. 10 Accounts Payable Notes Payable 1 Notes Payable 2 Accounts Payable Interest Expense 3 DESCRIPTION JOURNAL DATE Jul. 10 Accounts Payable POST. REF. DESCRIPTION DEBIT 200,000.00 Journalize the payment of the note at maturity as it should have been journalized. Don't forget to include the date. Assume a 360-day year. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. JOURNAL 212,000.00 POST. REF. CREDIT 200,000.00 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 and was not correct. 200,000.00 12,000.00 DEBIT 20,000,000.00 Score: 4/37 CREDIT ASSETS 200,000.00 ACCOUNTING EQUATION LIABILITIES ↓ ↑ ↓ ↑ PAGE 25 ASSETS EQUITY LIABILITIES ↓ ↑ ACCOUNTING EQUATION PAGE 25 EQUITY

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Description: 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 the note on July 10, and the payment of the note at maturity.---**JOURNAL**| DATE | DESCRI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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