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Stanton Delivery purchased a truck costing $100,000 on September 3, 2013, by paying $4,000 down and ...

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Stanton Delivery purchased a truck costing $100,000 on September 3, 2013, by paying $4,000 down and ...

Stanton Delivery purchased a truck costing $100,000 on September 3, 2013, by paying $4,000 down and signing a 10%, 180-day note payable for the balance. Stanton's year end is December 31.

1)   Prepare journal entries to:
   a) record the purchase of the truck on September 3, 2013
   b) record the accrual of interest on December 31, 2013
   c) record payment of the note on February 2, 2014

2)   Determine the balance of any current liabilities associated with the note as of December 31, 2013.

Textbook

Accounting, Volume 1, Canadian Edition

Edition: 9^th

Authors: Horngren, Harrison, Johnston, Meissner, Norwood

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