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    tironsperhall's Avatar
    tironsperhall Posts: 1, Reputation: 1
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    #1

    Apr 27, 2008, 11:37 AM
    Purchased supplies on a note
    Year 2008, purchased $175 of supplies by using a 6 month note that matures on April 1,2009

    What's the journal entry for this
    delite's Avatar
    delite Posts: 202, Reputation: 3
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    #2

    Apr 27, 2008, 09:06 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's Avatar
    jan96ken Posts: 2, Reputation: 1
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    #3

    Apr 27, 2008, 09:13 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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