Refer to the information for Upland Limited in BE13.4. Assume that Upland uses reversing entries. Prepare the
Question:
Refer to the information for Upland Limited in BE13.4. Assume that Upland uses reversing entries. Prepare the 2024 journal entry(ies) for Upland.
BE13.4
Upland Limited borrowed $40,000 on November 1, 2023, by signing a $40,000, three-month, 9% note. Prepare Upland’s November 1, 2023 entry; the December 31, 2023 annual adjusting entry; and the February 1, 2024 entry. Round amounts to the nearest dollar.
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119740445
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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