Prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30..
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.
Definitions:
Balance Per Bank
Balance per bank refers to the amount of money a business has in its bank account, as recorded by the bank, before reconciling any discrepancies with the company's records.
Safeguarded
refers to measures or actions taken to protect something from harm, loss, or unauthorized access.
Bank Service Charge
Fees charged by banks for account services provided, including monthly maintenance, transactions exceeding a certain limit, or ATM usage outside the network.
NSF Cheque
A cheque that cannot be processed because the account it is drawn on does not have sufficient funds, standing for "Non-Sufficient Funds."
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