purchased supplies on a note

tironsperhall · #1 Apr 27, 2008, 10:37 AM

year 2008, purchased $175 of supplies by using a 6 month note that matures on april 1,2009

whats the journal entry for this

delite · Apr 27, 2008, 08:06 PM

Quote:

Originally Posted by tironsperhall

year 2008, purchased $175 of supplies by using a 6 month note that matures on april 1,2009

whats the journal entry for this

quick entry would be to (dr) purchases/second part is credit notes payablel.

at maturity, debit notes payable;credit cash

jan96ken · Apr 27, 2008, 08:13 PM

Quote:

Originally Posted by tironsperhall

year 2008, purchased $175 of supplies by using a 6 month note that matures on april 1,2009

whats the journal entry for this

Supplies debit $175.00
Notes Payable credit $175.00



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