Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank

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Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Trayer’s fiscal year ends on September 30.

What information should be reported for the note payable in the annual financial statements?

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Accounting Tools For Business Decision Making

ISBN: 9781118771112

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Authors: Kimmel, Wetlands, Kieso

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Question Posted: Sep 19, 2024 04:01 AM

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Trayer Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank

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Accounting Tools For Business Decision Making

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