Solution-What amount of cash is paid on the maturity date

What amount of cash is paid on the maturity date of the note

What amount of cash is paid on the maturity date of the note

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Reference no: EM132735191

Reference no: EM132735191

Reference no: EM132735191

Reference no: EM132735191

Problem - Vernon Company sells a wide range of goods through two retail stores operated in adjoining cities. Vernon purchases most of the goods it sells in its stores on credit, promising to pay suppliers later. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the fiscal year, which ends on December 31:

a. Purchased merchandise on credit for $17,500 on January 10.

b. Borrowed $65,000 cash on March 1 from City Bank by signing an interest-bearing note payable. The note is due at the end of six months (August 31) and has an annual interest rate of 8% payable at maturity.

Required -

1. Describe the impact of each transaction on the balance sheet equation. Indicate the effects (e.g., cash + or -) using the format below. You do not need to include amounts, just accounts and the direction in which they are affected.

2. What amount of cash is paid on the maturity date of the note?

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January 10