On June 1, Martin Company Signed a $25,000, 120-Day, 6

question 115

Essay

On June 1, Martin Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable.
a. What is the total amount of interest to be paid on this note?
b. Prepare Martin Company's general journal entry to record the issuance of the note payable.
c. Prepare Martin Company's general journal entry to record the payment of the note on September 29.

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