Requirement 2 Compute the payment of a longterm note payable

Requirement 2. Compute the payment of a long-term note payable. During the year, the business issued a $4,700 note payable The payment of a long-term note payable is S

Solution

Long Term Note Payable A/c

To Cash (Payment for Long Term Notes Payable) (Balancing figure)

9700

By Bal b/d (opening bal)

15000

By Notes Payable issue

4700

To bal c/d (closing balance)

10000

19700

19700

Hence the Payment for Notes payable = $9700

To Cash (Payment for Long Term Notes Payable) (Balancing figure)	9700	By Bal b/d (opening bal)	15000
		By Notes Payable issue	4700
To bal c/d (closing balance)	10000
	19700		19700