On August 31, 2020, Pine Company issued a 9 -month, (12 %) note payable to National Bank

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On August 31, 2020, Pine Company issued a 9 -month, $12 \%$ note payable to National Bank in the amount of $\$ 900,000$. Interest is due at maturity. Record the entries for Pine Company on the following dates.

a. Issuance of the note on August 31, 2020.

b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end.

c. Payment of the note payable on May 31, 2021.

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Intermediate Accounting Volume 2

ISBN: 9781618533135

2nd Edition

Authors: Hanlon, Hodder, Nelson, Roulstone, Dragoo

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Question Posted: May 24, 2024 06:05 AM

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On August 31, 2020, Pine Company issued a 9 -month, (12 %) note payable to National Bank

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Intermediate Accounting Volume 2

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