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Journalize the following, assuming a 360-day year is used for interest calculations: Apr. 30 Issued a $108,000, 30-day, 6% note dated April 30 to Misner Co. on account. May 30 Paid Misner Co. the amount owed on the note dated April 30. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar.

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Answer and Explanation:

The journal entries are shown below:

a. Account payable Dr $108,000

         To note payable $108,000

(Being the issuance of the note is recorded)

b. Note payable Dr $108,000

  Interest expense Dr $540  ($108,000 × 30 days ÷ 360 days × 6%)

               To cash $108,540

(being the note payable and the interest expense is recorded)