Refer to the data in Starter 11-1. Show what Mission Corp. reports for the note payable and

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Refer to the data in Starter 11-1. Show what Mission Corp. reports for the note payable and related interest payable on its balance sheet at December 31, 2013, and on its income statement for the year ended on that date.
In starter 11-1
On June 30, 2013, Mission Corp. purchased $32,000 of inventory on a one-year, 5-percent note payable. Journalize the company's (a) accrual of interest expense on December 31, 2013, and (b) payment of the note plus interest on June 30, 2014.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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