on april 12, hong company agrees to accept a 60-day, 10%, $10,500 note from indigo company to extend the due date on an overdue account. what is the journal entry that indigo company would make when it records payment of the note on the maturity date? (use 360 days a year.)

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01-12-2022
Business

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on april 12, hong company agrees to accept a 60-day, 10%, $10,500 note from indigo company to extend the due date on an overdue account. what is the journal entry that indigo company would make when it records payment of the note on the maturity date? (use 360 days a year.)

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akursharma9034 akursharma9034 · Answer 1 · 2022-12-05T23:52:56-05:00

Debit Notes Payable $10,500 ; debit Interest Expense $84; credit Cash $10,500

A company's short-term source of funding is called a Cash Credit (CC). In other words, a cash credit is a brief loan that a bank provides to a business. It allows a business to take money out of a bank account without maintaining a credit balance. The maximum amount that can be borrowed from the account is that amount. A cash credit loan enables businesses to take out as many cash advances as they need, up to the pre-determined borrowing limit, from their bank account. However, only the amount borrowed is subject to interest; the whole borrowing (credit) limit is not.

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