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let's work through a few journal entries for notes payable so we're told that we need to prepare the journal entries for russell company so on january 1st they borrowed some money from foster company by signing a 120 day seven percent note on april 1st they borrowed 120 000 from perry company signing an 11 month 9 note they pay back foster company on may 1st on december 31st we need to record the interest on the perry company note and then on march 1st we need to record the we are paying the principal and the interest to perry company so first on january 1st of 2019 borrowing 75 000 from foster company by signing a 120 day 7 percent note so what does that mean well that means that we are getting money we're getting 75 000 and we're saying that we're going to pay back foster company in 120 days with seven percent interest here on january 1st how do we record this well we are getting cash so we want to debit our cash and we want to credit notes payable because we owe this money in the f...
