Answer:
Explanation:
The journal entries are shown below:
(A) Cash A/c Dr $48,000
       To Notes payable A/c $48,000
(Being note is issued for cash)
(B) Interest expense A/c Dr $480
       To Interest payable A/c $480
(Being accrued interest adjusted)
The computation is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year) Â
= $48,000 × 6% × (2 months ÷ 12 months)
= $480
The 2 months is calculated from November 1 to December 31
(C) Interest expense A/c Dr $240
Interest payable A/c Dr $480
Notes payable A/c Dr $48,000
            To Cash A/c $48,720
(Being cash is paid on maturity)
The computation is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year) Â
= $48,000 × 6% × (1 months ÷ 12 months)
= $480
The 1 months is calculated from December 31 to January 31
The appropriate journal entry to record the given transactions are:Debit Cash $48,000; Credit Notes payable $48,000.
a. Debit Cash $48,000
Credit Notes payable $48,000
(To record issuance of note)
b. Debit  Interest expense $480
Credit Interest payable $480
[$48,000 × 6% × (2 ÷ 12 months)]
(To record adjustment for interest)
c. Debit Interest expense  $240
[$48,000 × 6% × ( 1÷ 12)]
Debit Interest payable $480
$48,000 × 6% × (2 ÷ 12 months)]
Debit Notes payable $48,000
Credit  Cash $48,720
(To record repayment of note at maturity)
Inconclusion the appropriate journal entry to record the given transactions are:Debit Cash $48,000; Credit Notes payable $48,000.
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