Required that no entries made 01 2014 Clear entry MacBook Ai

Required: that no entries made 01, 2014 Clear entry MacBook Air

Solution

Transaction

Date

General Journal

Debit

Credit

1

October 1, 2014

Cash

$ 49,000.00

Note payable

$ 49,000.00

(To record issue of note payable)

2

December 31, 2014

Interest expense ($49,000*6%*3/12)

$ 735.00

Interest payable

$ 735.00

(To record accrual of interest)

3

March 31, 2014

Interest payable

$ 735.00

Interest expense

$ 735.00

Cash ($49,000*6%*1/2)

$ 1,470.00

(To record payment of interest)

4

September 30, 2014

Interest expense ($49,000*6%*1/2)

$ 1,470.00

Cash

$ 1,470.00

(To record payment of interest)

5

September 30, 2014

Note payable

$ 49,000.00

Cash

$ 49,000.00

(To record repayment of note)

Transaction	Date	General Journal	Debit	Credit
1	October 1, 2014	Cash	$ 49,000.00
		Note payable		$ 49,000.00
		(To record issue of note payable)
2	December 31, 2014	Interest expense ($49,000*6%*3/12)	$ 735.00
		Interest payable		$ 735.00
		(To record accrual of interest)
3	March 31, 2014	Interest payable	$ 735.00
		Interest expense	$ 735.00
		Cash ($49,000*6%*1/2)		$ 1,470.00
		(To record payment of interest)
4	September 30, 2014	Interest expense ($49,000*6%*1/2)	$ 1,470.00
		Cash		$ 1,470.00
		(To record payment of interest)
5	September 30, 2014	Note payable	$ 49,000.00
		Cash		$ 49,000.00
		(To record repayment of note)