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On september 1, knack company signed a $50,000, 90-day, 5% note payable with central savings bank. what is the journal entry that should be recorded by knack upon maturity of the note? (use 360 days a
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May 14, 2018
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On september 1, knack company signed a $50,000, 90-day, 5% note payable with central savings bank. what is the journal entry that should be recorded by knack upon maturity of the note? (use 360 days a year.)
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The Journal entry upon the 90 days (1/4 using 360 days a year) maturity at 5% rate should be $50,000 plus the Interest (I). Let Journal Entry upon Maturity be J Where J = Initial Signed Note + Initial Signed Note * Rate * Time Which is also written as J = Initial signed Note (1 + Rate * Time) Therefore J = 50,000 (1+5/100*1/4) = 50,625
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May 20, 2018
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