Note Payable: Note payable is in the form of a promissory note which is provides as a loan by the lender to the borrower. The note payable is loaded with interest terms which provide the payment of specified interest % on the amount borrowed. To prepare: The journal entry at Jan. 3, 2019.

Question

Accrued Wages Skiles Company's weekly payroll amounts to $10,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the accounting period, Wednesday, August 31, 2022. Required: What journal entry is made on Friday, September 2, 2022? For those boxes in which no entry is required, leave the box blank.

Answer 1

Question

Chapter 8, Problem 23CE

To determine

Concept introduction:

Note Payable:

Note payable is in the form of a promissory note which is provides as a loan by the lender to the borrower. The note payable is loaded with interest terms which provide the payment of specified interest % on the amount borrowed.

To prepare:

The journal entry at Jan. 3, 2019.

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