On the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days

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On the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days at 12 percent interest. (Note: Assume that interest is stated separately.) Prepare the following journal entries:

(1) August 31, recording of note,

(2) October 30, payment of note plus interest.

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Financial Accounting

ISBN: 978-0538476010

11th edition

Authors: Belverd E. Needles, Marian Powers

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Question Posted: Sep 10, 2014 11:39 AM

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On the last day of August, Murcio Company borrowed $480,000 on a bank note for 60 days

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1 Aug 2 Oct 31 Cash Notes Payable Bank loan for 60 ...View the full answer

Financial Accounting

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