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QUESTION
2007 Feb 28: paid off the 8% inventory note, plus interest, at maturity. Requirement: Record the transactions in the company's journal. Thank you.
2007Feb 28: paid off the 8% inventory note, plus interest, at maturity.Requirement:Record the transactions in the company's journal. p.s. I have attached my spreadsheet.Thank you...
Journal Entries in the Books of Compay : Date Description Nov. 30,2007 RF Dr. Inventory Dr. Amt (in$) Cr. Amt. (in$) 7,200 Cr. Notes Payable 7,200 (Being Inv. pur. on 3m 8% notes payable)Feb....