On September 15, SkateWorld Borrowed $70,000 Cash from Mutual Bank

question 163

Short Answer

On September 15, SkateWorld borrowed $70,000 cash from Mutual Bank by signing a 6%, 60-day note payable.
a. Prepare SkateWorld's journal entry to record the issuance of the note payable.
b. Prepare SkaetWorld's journal entry to record the payment of the note at maturity.

---

Definitions:

Fair Allocations

The distribution of resources or goods among individuals or groups in a manner considered equitable, taking into account various fairness criteria.

Apples

Apples are a type of fruit that grow on the apple tree, known scientifically as Malus domestica, and are widely cultivated for their sweet taste and nutritional benefits.

Oranges

A citrus fruit known for its round shape, orange skin, and juicy flesh, often consumed fresh or as juice.

Borda Count

A voting method that assigns points based on the order of preference, determining the winner by the total points received.