Transactions involving notes payable

Assignment Help Accounting Basics

Reference no: EM13138179

Alhara Corporation, whose fiscal year ended June 30, 20xx, completed the following transactions involving notes payable:

May 21 Obtained a 60-day extension on a $36,000 trade account payable owed to a supplier by signing a 60-day, $36,000 note.

June 30 Made the end-of-year adjusting entry to accure interest expense.

July 20 Paid off the note plus interest due the supplier.

How would I do the journal entries for the above? I've looked within the chapter, but it doesn't detail it.

Reference no: EM13138179

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