A be aware payable is a written promissory be aware. Under this agreement, a borrower obtains a selected sum of money from a lender and guarantees to pay it returned with hobby over a predetermined time period.
The required details for Notes Payable in given paragraph
Date Particulars Debit Credit
31-Dec Cash Dr $108,000.00
Land Dr $103,200.00
Buildings Dr $200,300.00
Equipment Dr $170,300.00
Copyrights Dr $30,300.00
Goodwill Dr (Bal Fig) $119,700.00
To Accounts Payable $51,500.00
To Notes Payable $300,900.00
To Purchase consideration $379,400.00
(To record business purchase)
The hobby price can be constant over the lifestyles of the be aware, or range together with the hobby price charged through the lender to its best customers (called the top price). This differs from an account payable, wherein there's no promissory be aware, neither is there an hobby price to be paid (even though a penalty can be assessed if fee is made after a chosen due date).
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Complete question
Fred Moss, owner of Moss Interiors, is negotiating for the purchase of Carla Vista Galleries. The balance sheet of Carla Vista is given in an abbreviated form below CARLA VISTA GALLERIES BALANCE SHEET AS OF DECEMBER 31, 2017 Assets Liabilities and Stockholders' Equity $108,000 70,300 200,300 Equipment (net) 175,300 hts (net)0300 Cash Land Buildings (net) payable Notes payable (long-term) $51,500 300,900 352,400 Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity $230,300 30,300 1,500 231,800 $584,200 Total assets $584,200 Moss and Carla Vista agree that 1. Land is undervalued by $32,900. 2. Equipment is overvalued by $5,000 Carla Vista agrees to sell the gallery to Moss for S379,400 Prepare the entry to record the purchase of Carla Vista Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit