Accounting Accounting Practice Problems Solutions Library

Notes Payable Solutions Library

Access 8 Notes Payable video and text solutions to help you complete your homework. Need to revisit the concept? Watch our Notes Payable learn videos.

Browse Solutions

8 solutions

Notes Payable

Q. The financial statements for ABC Company are prepared on July 31, 2013 based on an accrual accounting basis. No interest for July has been paid for...

Solved • Sep 20, 2017

Notes Payable

Q. A company purchased office equipment by issuing a short-term note payable. What two accounts were affected by the transaction? a. Equipment and Ca...

Solved • Aug 2, 2017

Notes Payable

Q. Your company borrowed $50,000 on September 30 by issuing a 6-month short-term note payable that bears simple interest of 12%. On December 31, the e...

Solved • Aug 1, 2017

Notes Payable

Q. On June 1, 2004, ABC Company borrowed $40,000 from a bank on a 9%, 9-month note payable. Calculate the amount of interest expense reported by ABC ...

Solved • Jul 28, 2017

Notes Payable

Q. ABC Company borrowed on a 6 month, 10% note payable for $5,000 on 10/1/15. Assuming no adjusting entries were made yet, what adjusting entry for in...

Solved • Jul 26, 2017

Notes Payable

Q. On July 1, 2006, Gerdin Company borrowed $100,000. The company signed a note payable with interest at 6 percent per year. The note and interest are...

Solved • Jul 19, 2017

Notes Payable

Q. M Company borrowed $50,000 cash on April 1, and signed a one-year 12%, interest-bearing note payable. The interest and principal due on March 31 of...

Solved • Jul 13, 2017

Notes Payable

Q. P Company borrowed $25,000 cash on October 1 and signed a nine-month, 8% interest-bearing note payable with interest payable at maturity. The amoun...

Solved • Jul 12, 2017