Prepare general journal entries for the following transact
Question and Solution
Prepare general journal entries for the following transactions: June 15 Purchased $6,000 worth of equipment from a supplier on account. July 15 Issued a $6,000, 30-day, 12% note in payment of the account payable. Aug. 14 Paid $600 cash plus interest to the supplier, extending the note for 30 days from August 14. Sept. 13 Paid the note in full. 27 Issued a $5,000, 60-day, 10% note to a supplier for purchase of merchandise.