Journal Entries for Accounts and Notes Payable Simon Company had the following transactions:
Apr. 15 Issued a $6,000, 60-day, 8 percent note payable in payment of an account with Marion Company.
May 22 Borrowed $50,000 from Sinclair Bank, signing a 60-day note at nine percent.
Jun. 14 Paid Marion Company the principal and interest due on the April 15 note payable.
Jul. 13 Purchased $15,000 of merchandise from Sharp Company; signed a 90-day note with eight percent interest.
Jul. 21 Paid the May 22 note due Sinclair Bank.
Oct. 2 Borrowed $38,000 from Sinclair Bank, signing a 120-day note at 12 percent.
Oct. 11 Defaulted on the note payable to Sharp Company.
Required:
a. Record these transactions in general journal form.
b. Record any adjusting entries for interest in general journal form. Geary Company has a December 31 year-end. Round answers to nearest dollar. Use 360 days for interest calculations.
Answers: 3
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Journal Entries for Accounts and Notes Payable Simon Company had the following transactions:
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