Notes Payable and Interest On July 1, 2008, Jos Flower Shop borrowed $25,000 from the bank. Jo

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Notes Payable and Interest On July 1, 2008, Jo’s Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8%

promissory note for the entire amount. Jo’s uses a calendar year-end.

Required 1. Prepare the journal entry on July 1 to record the issuance of the promissory note.

2. Prepare any adjusting entries needed at year-end.

3. Prepare the journal entry on May 1 to record the payment of principal and interest.

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Financial Accounting The Impact On Decision Makers

ISBN: 9780324655230

6th Edition

Authors: Gary A. Porter, Curtis L. Norton

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Question Posted: Jun 07, 2024 01:17 AM

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Notes Payable and Interest On July 1, 2008, Jos Flower Shop borrowed $25,000 from the bank. Jo

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Financial Accounting The Impact On Decision Makers

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