ACC 205 Week 4 Exercise 5 Notes payable
- Notes payable. Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31:
| 8/2: | Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. |
| 8/20: | Issued a $40,000 note to Harris Motors for the purchase of a $40,000 delivery truck. The note is due in 180 days and carries a 12% interest rate. |
| 9/10: | Purchased merchandise from Pans Enterprises in the amount of $15,000. Issued a 30-day, 12% note in settlement of the balance owed. |
| 9/11: | Issued a $60,000 note to Datatex Equipment in settlement of an overdue account payable of the same amount. The note is due in 30 days and carries a 14% interest rate. |
| 10/10: | The note to Pans Enterprises was paid in full. |
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