Use the information in E10-1 to complete the following requirements. Required: 1. Give the journal entry to
Question:
Use the information in E10-1 to complete the following requirements.
Required:
1. Give the journal entry to record the note on November 1, 2018.
2. Give any adjusting entry required on December 31, 2018.
3. Give the journal entry to record payment of the note and interest on the maturity date, April 30, 2019, assuming that interest has not been recorded since December 31, 2018.
MaturityMaturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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1 November 1 2018 Cash 6000000 Notes Payable shortterm 6000000 Borrowed on 6month 8 note 2 ...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-1259864230
6th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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