On September 15, SkateWorld borrowed $70,000 cash from Mutual Bank by signing a 6%, 60-day note payable. a. Prepare SkateWorld's journal entry to record the issuance of the note payable.b. Prepare SkateWorld's journal entry to record the payment of the note at maturity.
What will be an ideal response?
| a. 9/15 Cash………………………………………… | 70,000 |
| Note Payable…………………………... | 70,000 |
| b. 11/14 Note Payable………………………………… | 70,000 |
| Interest Expense ($70,000 * .06 * 60/360)… | 700 |
| Cash ………………………………….… | 70,700 |
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