On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? O a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash d. 65.400 TL debit 321-N/P and 65.400 credit to 100-Cash
On June 19, The business purchases inventory of 220.000 TL including 10% VAT. The business endorses a check for 160.000 TL and signs a 9-month note with an annual interest rate of 9% for 60.000 TL. Which entry is made when the business makes the payment at maturity for the note signed on June 19? O a. 60.000 TL debit to 321-N/P; 5.400 TL debit to 780-Fin Expense and 65.400 TL credit to 100- Cash O b. 60.000 TL debit to 321-N/P; 4.050 TL debit to 780-Fin Expense and 64.050 TL credit to 100- Cash c. 64.050 TL debit 321-N/P and 64.050 credit to 100-Cash d. 65.400 TL debit 321-N/P and 65.400 credit to 100-Cash
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...
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