On January 1, 2020, Athena Corporation borrowed $110,000 cash on a $155,000, 24-month 0% note. Athena uses
Question:
Required:
1. Record the borrowing in Athena's journal.
2. Prepare the adjusting entry for December 31, 2020.
3. Prepare the entries to recognize the 2021 interest expense and repayment of the note on
December 31, 2021.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Journal Date Account and Explanation Debit Credit 1 2020 Jan 1 Cash 110000 Discount on No...View the full answer
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