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Make the necessary journal entries for December

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Reference no: EM132995830

Question - Hipointe Cafeterias is unable to pay its supplier, National Foods, $20,000 that is currently due on an account payable. National has agreed to accept a note from Hipointe on December 1, 20X1, in the amount of $20,300, which includes interest at 9 percent for 60 days. The note is payable on February 1, 20X2.

Required - Make the necessary journal entries for December 1, 20X1; December 31, 20X1; and February 1, 20X2.

Reference no: EM132995830

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