On November 1, 19X4, Garden Ridge Counseling Center discounted a six-month, ($ 12,000) note payable to the

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On November 1, 19X4, Garden Ridge Counseling Center discounted a six-month, $\$ 12,000$ note payable to the bank at 7 percent.

\section*{Required}

1. Prepare general journal entries to record

(a) issuance of the note,

(b) accrual of interest at December 31, and

(c) payment of the note at maturity in 19X5. Explanations are not required.

2. Show how Garden Ridge Counseling Center would report the note on the December 31, 19X4, balance sheet.

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Financial Accounting

ISBN: 9780133118209

2nd Edition

Authors: Charles T. Horngren, Jr. Harrison, Walter T.

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Question Posted: Jun 10, 2024 01:19 AM

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On November 1, 19X4, Garden Ridge Counseling Center discounted a six-month, ($ 12,000) note payable to the

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Financial Accounting

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