Notes Payable On November 7, 2016, Mian Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Record the entry on November 7 to borrow the cash. (2) (3) (4) Compute the accrued interest payable on December 31, 2016. Prepare the journal entry to record the accrued interest expense at December 31, 2016. Prepare the journal entry to record payment of the note at maturity.

Notes Payable On November 7, 2016, Mian Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000. (1) Record the entry on November 7 to borrow the cash. (2) (3) (4) Compute the accrued interest payable on December 31, 2016. Prepare the journal entry to record the accrued interest expense at December 31, 2016. Prepare the journal entry to record payment of the note at maturity.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.8E

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