Recording note payable transactions Consider the following note payable transactions of Creative Video Productions.
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2012 |
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1 May |
Purchased equipment costing $17,000 by issuing a one year, 6% note payable. Accrued interest on the note payable. |
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Dec 31 |
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2013 |
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1May |
Paid the note payable at maturity. |
Requirement
1. Journalize the transactions for the company.