On December 1, 1989, Blatz Company borrowed ($ 150,000) by giving a 90 -day, (12 %) note

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On December 1, 1989, Blatz Company borrowed $\$ 150,000$ by giving a 90 -day, $12 \%$ note payable. The company has an annual, calendar-year accounting period and does not make reversing entries. Prepare general journal entries to record:

(a) the issuance of the note,

(b) the required year-end adjusting entry, and

(c) the entry to pay the note.

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Financial Accounting

ISBN: 9780256091939

5th Edition

Authors: Kermit D. Larson, Paul B. W. Miller

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Question Posted: Jun 11, 2024 12:04 AM

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On December 1, 1989, Blatz Company borrowed ($ 150,000) by giving a 90 -day, (12 %) note

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Financial Accounting

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