Question

On June 1, 2019, ABC Company signed a SAR 25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note? b. Prepare ABC Company's general journal entry to record the issuance of the note payable c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019 (5 marks). Q3- Assume that you have a company. The management estimates that 2.5% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method

Name: on june 1 2019 abc company signed a sar 25000 120 day 6 note payable to cover a past due account payable a what is the total amount of interest to be paid on this note b prepare abc companys 80093
Uploaded: 2023-09-11T23:59:06-08:00
Duration: 4 min 8 s
Channel: Akash M
Description: on june 1 2019 abc company signed a sar 25000 120 day 6 note payable to cover a past due account payable a what is the total amount of interest to be paid on this note b prepare abc companys 80093

          On June 1, 2019, ABC Company signed a SAR 25,000, 120-day, 6% note payable to cover a past due account payable. 
a. What is the total amount of interest to be paid on this note?
b. Prepare ABC Company's general journal entry to record the issuance of the note payable
c. Prepare ABC Company's general journal entry to record the payment of the note on September 29, 2019 (5 marks). 
Q3- Assume that you have a company. The management estimates that 2.5% of sales will be uncollectible. 
Give any amount of sales and prepare the journal entry using the percent of sales method

Added by William M.

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