Homework: Chapter 11 Homework Score: 0 of 2 pts E11-15 (similar to) Consider the

Question

Homework: Chapter 11 Homework Score: 0 of 2 pts E11-15 (similar to) Consider the following note payable transactions of Collective Video Produdtions (Click the ioon to view the transactions) Journalize the transactions for the compary. Reoord debits first, then credits. Select the explanation an the last line of the joumal entry table Mar. 1, 2017: Purchased equinment costing S24, by issuing a one-year, 6% note payable Date 2017 Mar. 1 Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer Clear All

Explanation / Answer

entries:

Date account titles debit credit March 1,2017 Equipment $24,000 Notes payable $24,000 (To record purchases of equipment by issuing notes payable) Dec 31, 2017 Interest expense(24000×6%×10/12) $1,200 Interest payable $1,200 (To record accrued interest) March 1,2018 Notes payable $24,000 Interest expense(24000×6%×2/12) $240 Interest payable $1,200 Cash $25,440 (To record payment of note payable and interest)

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