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Carson's Shoe Store signed a 90-day, interest-bearing, 10% note for $5,000.00 with First National Bank. What is Carson's Shoe Store's journal entry for the issuance of the note payable?

Respuesta :

Answer:

                                Debit               Credit

Cash                     $5,000.00

Notes Payable                              $5,000.00

Explanation:

Data provided in the question:

Amount = $5,000.00

Interest rate on note = 10%

Time = 90 days

Now,

Carson's Shoe Store's journal entry for the issuance of the note payable will be

                                Debit               Credit

Cash                     $5,000.00

Notes Payable                              $5,000.00

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