SIGNING A NOTE PAYABLE  

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Presentation transcript:

SIGNING A NOTE PAYABLE   March 13. Signed a 90-day note, 10%, $5,000.00. Receipt No. 302. Notes Payable Cash 1. Which accounts are affected? Cash Notes Payable Normal Balance Mar. 13 5,000.00  2. How is each account classified? Cash is an asset account. Notes Payable is a liability account. Normal Balance Mar. 13 5,000.00 3. How is each classification changed? Assets are increased. Liabilities are increased.  4. How is each amount entered in the accounts? Assets increase on the debit side. Liabilities increase on the credit side. Lesson 23-2, page 598

SIGNING A NOTE PAYABLE 1 2 3 4 5 1. Date 2. Account Title 3. Receipt Number 4. Principal Amount 5. Cash Received Lesson 23-2, page 598

PAYING PRINCIPAL AND INTEREST ON A NOTE PAYABLE 2 4 1 3 7 6 5 1. Date 2. First Account Title 3. Check Number 4. Principal Amount 5. Second Account Title 6. Interest Amount 7. Maturity Value Lesson 23-2, page 599

SIGNING A NOTE PAYABLE FOR AN EXTENSION OF TIME 1 2 1. Debit to Accounts Payable 2. Credit to Notes Payable Lesson 23-2, page 600

PAYING A NOTE PAYABLE ISSUED FOR AN EXTENSION OF TIME Lesson 23-2, page 601

TERMS REVIEW current liabilities interest expense Lesson 23-2, page 602