Cullumber Company borrows $73,200 from the bank on July 1 by signing a note payable for $73,200,
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Question:
Cullumber Company borrows $73,200 from the bank on July 1 by signing a note payable for $73,200, 9%, for 1 year.
(a) Prepare the journal entry to record the receipts for the promissory note. (Credit account titles are automatically indented when the amount is entered. Do not manually indent.)
(b) Prepare the journal entry to record interest accrued as of December 31, assuming adjusting entries are made only at the end of the year. (Credit account titles are automatically indented when the amount is entered. Do not manually indent.)
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
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