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Accounting for an interest-bearing note payable

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Reference no: EM13503143

On April 1, the Snake River Racing Club (SRRC) purchased ten white-water rafts with a cash price of $3,000 each. SRRC offered to pay for the rafts by making a $5,000 down payment and by signing a $25,000, 8 percent interest-bearing note. The interest and principal on this note would be due in one year.

Prepare the appropriate journal entries in the accounting records of SRRC on the following dates:

(1) April 1, the date the sales agreement is finalized.
(2) December 31, the final day of SRRC's fiscal year
(3) April 1 of the following year, when the note matures

Reference no: EM13503143

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