When a company issues a promissory note

When a company issues a promissory note

When a company issues a promissory note, the entry will include a credit to Note Payable for the

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face value of the note

 

face value of the note minus interest to pay

 

face value of the note plus interest to pay

 

maturity value of the note

 

We R Kids purchased playground equipment for 12,000 on credit and issued a 120-day note bearing interest at 9 percent a year as evidence of the debt. To record this transaction, the accountant would

 

Debit equipment for $12,000, debit Interest Expense for $360, and credit Notes Payable for $12,360

 

Debit equipment for $12,360, credit Interest Expense for $360, and credit Notes Payable for $12,000

 

Debit equipment for $12,000 and credit Notes Payable for $12,000

 

Debit equipment for $12,000 and credit Accounts Payable for $12,000

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