On June 1, Jasper Company signed a $25,000, 120-day, 6% note payable to cover a past due account payable. a. What is the total amount of interest to be paid on this note?b. Prepare Jasper Company's general journal entry to record the issuance of the note payable.c. Prepare Jasper Company's general journal entry to record the payment of the note on September 29.
What will be an ideal response?
| a. | $25,000* 0.06 * 120/360 = $500 | ? | ? | |
| ? | ? | ? | ? | ? |
| b. | 6/1 | Accounts Payable | 25,000 | ? |
| ? | ? | Notes Payable | ? | 25,000 |
| ? | ? | ? | ? | ? |
| c. | 9/29 | Notes Payable | 25,000 | ? |
| ? | ? | Interest Expense | 500 | ? |
| ? | ? | Cash | ? | 25,500 |
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