3. On August 15, Crenshaw Inc borrowed $50,000 cash from wells Fargo by signing

Question

3. On August 15, Crenshaw Inc borrowed $50,000 cash from wells Fargo by signing a 500, 120-day note payable. (5 points) a. Prepare Crenshaw's journal entry to record the issuance of the note payable. b. Prepare Crenshaw's journal entry to record the payment of the note at maturity. a. Prepare Crenshaw's journal entry to record the issuance of the note payable. Account Name Debit Credit b. Prepare Crenshaw's journal entry to record the payment of the note at maturity. Debit Credit Date Account Name

Explanation / Answer

a.

b.

Date Account Name Debit Credit Aug. 15 Cash $50,000 Note Payable $50,000

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