Question

x Hk Ch 10 https://mybusinesscourse.com/platform/mad/quiz/review.php?attem QUESTION T Partially correct Mark 0,93 out of 1.00 F Flag question Journal Entries for Accounts and Notes Payable Logan Company had the following transactions: Apr. 8 issued a s8800, 75 day, 8% note payable in payment of an account with Bennett Company. May 15 Borrowed s40,000, 60-day, 9% note from Lincoln Bank. Jun. 22 Paid Bennett Company the principal and interest due on the April 8note payable. jul. 6 Purchased $16,000 of merchandise from Bolton Company: signed a note for 90 day, 10vbinterest. 14 paid the May 15 note due Lincoln Bank. oct. 2 Borrowed S28,000, 120-day, 12% note from Lincoln Bank. Oct. 4 Defaulted on the note payable to Bolton Company. Required a. Record these transactions in general journal form. b, Record any adjusting entries for interest in general journal form. Logan Company has a December 31 year-end Round answers to nearest dollar. Use 360 days for interest calculations. General Debit Credit Apr 8 Accounts payable, Berner company.



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