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    mlethbridge's Avatar
    mlethbridge Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 23, 2008, 01:23 PM
    Adjusting entries
    I am doing adjusting entries for a mock company whose fiscal year ends August 31. My question is "of the note payable, $6000 must be paid on December 1 each year. What is the adjusting entry for this? Thank you for any help you may offer
    muslimrao's Avatar
    muslimrao Posts: 34, Reputation: 2
    Junior Member
    		  
    #2

    Oct 28, 2008, 12:15 PM

    I thnk..

    Notes expense (DR) 6000
    Notes payable (CR) 6000
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