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  • Apr 27, 2008, 11:37 AM
    tironsperhall
    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
  • Apr 27, 2008, 09:06 PM
    delite
    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
  • Apr 27, 2008, 09:13 PM
    jan96ken
    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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