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How do you do a journal entry for sale of equipment with a promissary note?
Wiki User
∙ 9y ago
debit equipment account
credit promisary note
Wiki User
∙ 9y ago
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How do you input a journal entry for the sale of equipment to include a 90 day promissary note?
Debit promissory noteCredit sale of asset
Is interest paid on promissary note tax deductible?
We are holding a promissary note, on a sale of a rental. Will the people owing the money to us be able to claim the interest on their taxes?
What the journal entry to record a note payable?
debit Cashcredit notes payable
How to pass the entry against credit note in our accounts?
In order to credit a customer in the account, a credit note must be issued. After that is done, a journal entry can be made to indicate the credit.
What is the journal entry to made a down payment of cash and issued note payable?
cash book
How do you input a journal entry for the sale of equipment to include a 90 day promissary note?
Debit promissory noteCredit sale of asset
How do you input a journal entry for a sale of equipment with a 90 day note?
debit notes receivablecredit sales account
Is interest paid on promissary note tax deductible?
We are holding a promissary note, on a sale of a rental. Will the people owing the money to us be able to claim the interest on their taxes?
What did a journal entry from the year 1492 look like?
A journal looks like folder, note book ,and a diary
What the journal entry to record a note payable?
debit Cashcredit notes payable
How to pass the entry against credit note in our accounts?
In order to credit a customer in the account, a credit note must be issued. After that is done, a journal entry can be made to indicate the credit.
If you signed a promissary note in a short sale will the note be discharged with bankruptcy?
short notes fo earning
What is the journal entry to made a down payment of cash and issued note payable?
cash book
What is journal entry to write off note payble?
Debit notes payableCredit cash /bank
What is the solution to P14-6 intermediate accounting 12th edition?
At January 1, 2011, Brant Cargo acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%. Required: 1. Prepare the journal entry for Brant Cargo to record the purchase of the equipment. 2. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2011. 3. Prepare the journal entry for Brant Cargo to record the interest at December 31, 2012.
What is the journal entry for issued a note payable?
debit accounts payablecredit notes payable
Do all parties on a promissory not have to sign to be inforceable?
A promissary note is a legal document stating the intent to pay. This is typically used in car purchases when the purchaser is going to bring a downpayment in at a later date. A promissary note does not have to be signed by both parties to be inforceable.
