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18 June, 09:02

Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note. The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is Group of answer choices

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  1. 18 June, 09:24
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    The journal entry which is to be reported on January 1 is shown below:

    Explanation:

    The journal entry which is to be reported on January 1 for the issuance is as:

    On January 1

    Cash A/c ... Dr $600,000

    Notes Payable A/c ... Cr $600,000

    Being the issuance as well as proceeds of the note is recorded

    On January 1, the company issues as well as proceeds the note, so, the cash account is debited as the cash is increasing and any increase in asset is debited. Therefore, the cash account is debited. And the note will become payable, which lead to increase in liability and any increase in liability is credited. So, the notes payable is credited
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Home » Business » Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1. Givens Brick Company signs a $600,000, 8%, 9-month note.
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