Griddley Company borrowed $200,000 from the East Salvador Bank on February 1, 2019, on a 3-year, 8.6%
Question:
Required:
1. Record the borrowing transaction in Griddley's journal.
2. Prepare the adjusting entries made at December 31, 2019 and 2020.
3. Prepare the necessary journal entry to recognize the first interest payment on January 31, 2020.
4. Indicate how the note and associated interest would be presented in Griddley's December 31, 2020 balance sheet.
5. Prepare the necessary journal entries to record the repayment of the note and
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Journal Date Account and Explanation Debit Credit 1 2019 Feb 1 Cash 200000 Notes Payable 200000 Reco...View the full answer
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