Essay
Wolf Company borrowed $5,000 on an 8% note payable on March 1,2010.The maturity date of the note (and payment of all interest)is September 1,2011.The accounting period ends December 31.Assuming no adjusting entries are made during the year,prepare the journal entry for each of the following dates:
A.March 1, 2010.
B.December 31, 2010.
C.September 1, 2011.
Correct Answer:
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March 1, 2010:
Cash (or Note Payable) $5...View Answer
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Correct Answer:
Answered by ExamLex AI
Cash (or Note Payable) $5...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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