General Journal Options: Accounts receivable Notes receivable Interest expense A
ID: 2475175 • Letter: G
Question
General Journal Options:
Accounts receivable
Notes receivable
Interest expense
Accounts payable
Interest payable
Notes payable
Salaries payable
On November 1, 2015, Dual Systems borrows $190,000 to expand operations. Dual Systems signs a six-month, 8% promissory note. Interest is payable at maturity. Dual System's year-end is December 31. Record the issuance of the note by Dual Systems. (Omit the "$" sign in your response.) Record the appropriate adjusting entry for the note by Dual Systems on December 31, 2015. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the *'$" sign in your response.) Record the payment of the note by Dual Systems at maturity on April 30, 2013. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$A sign in your response.)Explanation / Answer
Nov 1, 2015 Cash 190000 Notes Payable 190000 Dec 31, 2015 Interest Expenses 2533.333333 190,000*8%*2/12 Interest Payable 2533.333333 Apr 30, 2016 Notes Payable 190000 Interest Expenses 5066.666667 190,000*8%*4/12 Interest Payable 2533.333333 Cash 197600
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