Nates Payable A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate the effacts on the accounts and finannal statamants of recording (a) L'ie ssuance at the note and (b) the payment of the rote at maturity, including interest If ne accaunt or activity is affacted, selact "Na affect from the drapdewn list and eave the correspording umber entry box alar k. Enter account cecreeses end cash outfiows as negative amcunts.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Nates Payable
A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate the effacts on the accounts and finannal statamants of recording (a) L'ie ssuance at the note and (b)
the payment of the rote at maturity, including interest
If ne accaunt or activity is affacted, selact "Na affect from the drapdewn list and eave the correspording umber entry box alar k. Enter account cecreeses end cash outfiows as negative
amcunts.
Transcribed Image Text:Nates Payable A business issued a 90-day, 6% nole for $67,000 bo a creditor on account, [llustrate the effacts on the accounts and finannal statamants of recording (a) L'ie ssuance at the note and (b) the payment of the rote at maturity, including interest If ne accaunt or activity is affacted, selact "Na affect from the drapdewn list and eave the correspording umber entry box alar k. Enter account cecreeses end cash outfiows as negative amcunts.
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Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions that can be measured in monetary terms and interpreting and communicating the results with interested users. 

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