main company equipment purchase on note payable 498799
| Problem – 2 | |||||
| Main Company has a fiscal year ending on December 31. The company purchased equipment costing $88,000 on Octber 2, 2011. The equipment was purchased by signing a 9%, 120 – day note payable for the equipment. | |||||
| 1. Prepare the Journal entries to record the following events. Use a 360-day year and round all amounts to the nearest dollar. | |||||
| a. The purchase of equipment on October 2, 2011 | |||||
| b. The accrual of interest on December 31, 2011 | |||||
| c. Payment of note on January 30, 2012 | |||||
| 2. Determine the balance of any current liabilities associated the note on December 31, 2011 | |||||
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