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Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to...

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Accounting

Entries for notes payable

Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account.

Assume a 360-day year. For a compound transaction, if an amount box does not require an entry, leave it blank.

b. If the note is issued with a 90-day term, journalize the entries to record:

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

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