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Instruction Chart Of Accounts General Journal Instruction A business issued a 30-day, 7% note for $50,400 to a creditor on account. The company uses a 360-day year for interest calculations. Required: Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest on May 30. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize the entries to record (a) the issuance of the note on April 30 and (b) the payment of the note at maturity, including interest on May 30. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 General Ledger ASSETS REVENUE 110 Cash 410 Sales 111 Accounts Receivable 610 Interest Revenue 112 Interest Receivable 113 Notes Receivable EXPENSES 115 Inventory 510 Cost of Goods Sold 116 Supplies 520 Salaries Expense 118 Prepaid Insurance 525 Delivery Expense 120 Land 526 Repairs Expense 123 Building 531 Rent Expense 124 Accumulated Depreciation-Building 533 Insurance Expense 125 Office Equipment 534 Supplies Expense 126 Accumulated Depreciation Office Equipment 535 Payroll Tax Expense 536 Vacation Pay Expense LIABILITIES 538 Cash Short and Over LIABILITIES 538 Cash Short and Over 210 Accounts Payable 539 Product Warranty Expense 213 Interest Payable 541 Depreciation Expense-Building 214 Notes Payable 542 Depreciation Expense-Office Equipment 215 Salaries Payable 590 Miscellaneous Expense 216 Social Security Tax Payable 710 Interest Expense 217 Medicare Tax Payable 218 Employees Federal Income Tax Payable 219 Employees State Income Tax Payable 220 Medical Insurance Payable 221 Retirement Savings Deductions Payable 222 Union Dues Payable 224 Federal Unemployment Tax Payable 225 State Unemployment Tax Payable 226 Vacation Pay Payable 228 Product Warranty Payable EQUITY 310 Common Stock 311 Retained Earnings

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