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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 1
Recording a Note Payable through Its Time to Maturity
Use the information in E10-1 to complete the following requirements.
Required:
1. Give the journal entry to record the note on November 1, 2013.
2. Give any adjusting entry required on December 31, 2013.
3. Give the journal entry to record payment of the note and interest on the maturity date, April 30, 2014, assuming that interest has not been recorded since December 31, 2013.
Use the information in E10-1 to complete the following requirements.
Required:
1. Give the journal entry to record the note on November 1, 2013.
2. Give any adjusting entry required on December 31, 2013.
3. Give the journal entry to record payment of the note and interest on the maturity date, April 30, 2014, assuming that interest has not been recorded since December 31, 2013.
Explanation
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(1)
Cash is an asset and notes payable ...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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