Chapter 4
Current Liabilities
170
AP-8A (
6
)
On June 15, 2017, Actor Surplus agreed to lend Wei Hong Enterprises $250,000. Wei
signed a $250,000, eight-month, 10% note. Wei Hong Enterprises has a year-end of
November 30.
Required
Prepare the journal entry for Wei Hong Enterprises for the following.
a) On the date the note was signed
b) At year-end
c) On February 16, 2018, when the note is repaid
Date
Account Title and Explanation
Debit
Credit
