Notes Payable
on September 1, 2009, George Hanby Borrowed $100,000

question 74

Essay

Notes payable
On September 1, 2009, George Hanby borrowed $100,000 from The Actors Credit Union and signed a 6%, one-year note payable, all due at maturity. The interest on this loan is stated separately.
$\begin{array}{l}\text { (a) The amount Hamby must pay on September 1,2010, when the note } \\\text { matures is } &\$\underline{\quad\quad}\\\text { (b) The interest expense Hamby will recognize on this note in } 2010 \text { is } &\$\underline{\quad\quad}\\\text { (c) At December } 31,2009 \text {, George Hamby 's overall liability for this loan } \\\text { amounts to } &\$\underline{\quad\quad}\\\text { (d) In the space provided, give the adjusting entry made by George Hamby } \\\text { on Deeember } 31,2009, \text { with respect to this note. }\end{array}$
$$\begin{array} { | l | l | l | l | } \hline \text { Dec. } 31 & \text { General Journal } & \quad \quad &\quad \quad \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline & & & \\\hline\end{array}$$

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