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29 January, 23:27

Taylor Bank lends Guarantee Company $117,933 on January 1. Guarantee Company signs a $117,933, 9%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is

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  1. 30 January, 03:25
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    January 1, 202x, bank loan obtained from Taylor Bank (9 months, 9% interest rate)

    Dr Cash 117,933

    Cr Notes payable 117,933

    Explanation:

    Since this is an interest bearing note that will be paid in less than a year, we should record it at face value. All current liabilities must be recorded at face value.
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Home » Business » Taylor Bank lends Guarantee Company $117,933 on January 1. Guarantee Company signs a $117,933, 9%, nine-month note. The entry made by Guarantee Company on January 1 to record the proceeds and issuance of the note is
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