Entries for Notes PayableLaughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.Assume a 360-day year. If an amount box does not require an entry, leave it blank.a. Journalize Laughlin Enterprises’ entries to record:the issuance of the note.the payment of the note at maturity.1. fill in the blank 64677a0a8f9b073_2fill in the blank 64677a0a8f9b073_3 fill in the blank 64677a0a8f9b073_5fill in the blank 64677a0a8f9b073_62. fill in the blank 64677a0a8f9b073_8fill in the blank 64677a0a8f9b073_9 fill in the blank 64677a0a8f9b073_11fill in the blank 64677a0a8f9b073_12 fill in the blank 64677a0a8f9b073_14fill in the blank 64677a0a8f9b073_15b. Journalize Morrison Industries’ entries to record:the receipt of the note.the receipt of the payment of the note at maturity.1. fill in the blank 9616b40e100d004_2fill in the blank 9616b40e100d004_3 fill in the blank 9616b40e100d004_5fill in the blank 9616b40e100d004_62. fill in the blank 9616b40e100d004_8fill in the blank 9616b40e100d004_9 fill in the blank 9616b40e100d004_11fill in the blank 9616b40e100d004_12 fill in the blank 9616b40e100d004_14fill in the blank 9616b40e100d004_15

Answered: Laughlin Enterprises issues a $130,000,…

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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Entries for Notes Payable

Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory.

Assume a 360-day year. If an amount box does not require an entry, leave it blank.

a. Journalize Laughlin Enterprises’ entries to record:

the issuance of the note.
the payment of the note at maturity.

1.	fill in the blank 64677a0a8f9b073_2	fill in the blank 64677a0a8f9b073_3
	fill in the blank 64677a0a8f9b073_5	fill in the blank 64677a0a8f9b073_6
2.	fill in the blank 64677a0a8f9b073_8	fill in the blank 64677a0a8f9b073_9
	fill in the blank 64677a0a8f9b073_11	fill in the blank 64677a0a8f9b073_12
	fill in the blank 64677a0a8f9b073_14	fill in the blank 64677a0a8f9b073_15

b. Journalize Morrison Industries’ entries to record:

the receipt of the note.
the receipt of the payment of the note at maturity.

1.	fill in the blank 9616b40e100d004_2	fill in the blank 9616b40e100d004_3
	fill in the blank 9616b40e100d004_5	fill in the blank 9616b40e100d004_6
2.	fill in the blank 9616b40e100d004_8	fill in the blank 9616b40e100d004_9
	fill in the blank 9616b40e100d004_11	fill in the blank 9616b40e100d004_12
	fill in the blank 9616b40e100d004_14	fill in the blank 9616b40e100d004_15

Expert Solution

Step 1: Introduction

Note is a financial instrument which is used against an credit transaction. It can be used to borrow some amounts from other party or it can also be used to purchase the items on credit. Usually note contains an interest rate at which the interest is charged on the borrowed amount.

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