Journalize the following, assuming a 360-day year is used for interest calculations:
Apr. 30
Issued a $150,000, 30-day, 6% note dated April 30 to Misner Co. on account.May 30
Paid Misner Co. the amount owed on the note dated April 30.

Interest Calculations

The process of determining the cost of borrowing money or the gain on saved or invested money over a period, typically expressed as a percentage of the principal.

Journalize

The process of recording transactions in a journal or diary in accounting, which includes the date, accounts affected, and amounts, followed by a brief description of the transaction.