How to record payment of the note and interest, Accounting Basics

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How to record payment of the note and interest

Response to the following problem:

Quark Hospital issues its 12 percent, 90-day, $100,000 promissory note to a local bank to obtain a short-term loan on April 1. Interest was not prepaid.

Required: Prepare, in general journal form, the necessary entry on June 30 to record payment of the note and interest.

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Accounting Basics: How to record payment of the note and interest

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Accounting Basics: How to record payment of the note and interest

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