It is impossible to remember the reason for every entry & the entries in the journal sometimes involve "out of the ordinary" transactions.
soes big lot have any notes payable if so when are they due and what interest rate are they paying back.
A bank of issue is a bank which issues its own notes payable to the bearer.
I think a bank loan is when money is borrowed from a bank with the expectation that it will be repaid, and notes payable is then the accumulation of all loan amounts expected to be repaid according to each note (the legal document with the stipulations).
no journal entry required
debit cashcredit notes payable
debit Cashcredit notes payable
debit cashdebit discount chargescredit notes payable account
debit accounts payable 250credit notes payable 250
debit accounts payablecredit notes payable
Debit notes payableCredit cash / bank
Debit notes payabledebit interest expenseCredit cash /bank
debit interest expensecredit notes payable
Entry 1 [Debit] Cash xxxx [Credit] Bank xxxx Entry 2 [Debit] Bank xxxx [Credit] Notes payable xxxx
[Debit] Accrued interest income [Credit] Notes payable
Debit electricity expensesCredit expenses payable
debit interest expense, credit interest payable for the accrued amount