Paying a note with interest at maturity
Transaction
At maturity the company pays by check its 6-month, 5% note payable for $14,400.00, together with the interest due.
Assumptions: The note was issued and is paid in the same year: no interest has been recorded on it before. Interest is computed in whole months: principal × rate × months / 12.
Accounts
Tap an account, then choose Debit or Credit and type the amount. × removes a line.
Debit
No lines yet. Choose an account above.
Credit
No lines yet. Choose an account above.
Debits $0.00Credits $0.00
Loading the checker…