E9-8 Reporting Notes Payable and Calculating Interest Expense LO9-3 South Col is one of the...
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E9-8 Reporting Notes Payable and Calculating Interest Expense LO9-3 South Col is one of the world's most popular outdoor apparel companies. Assume that South Col borrows $3.0 million from Bank of the Midwest and signs a note promising to pay the $3.0 million back in eight months, at which time South Col will also pay any accrued interest. The interest rate on the note is 8%. Required: 1. Prepare the journal entry South Col will record when it signs the note and receives the cash. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).) View transaction list Journal entry worksheet Record the eight-month note with an interest rate of 8%. Note: Enter debits before credits. General Journal Debit Credit Transaction
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