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What amount should notes payable be shown on the december

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Reference no: EM132974222

On May 1, 2019, the Madison Company purchased two new company automobiles from Ford Motors Corporation. The terms of the sale called for Madison to pay P3,924,000 on April 30, 2020. Madison gave the seller a non-interest-bearing note for this amount. At the date of purchase, the interest rate for short term loans of this type was 9%.

Required:

Question 1. Give the journal entries on May 1, 2019, December 31, 2019 and April 30, 2020.

Question 2. At what amount should the Notes payable be shown on the December 31, 2019 statement of financial condition of Madison Company?

Reference no: EM132974222

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