INTEREST-BEARING NOTE WITH DAILY INTEREST. Kirk Products borrowed $360,000 on a 90-day, 8% interest-bearing note on July

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INTEREST-BEARING NOTE WITH DAILY INTEREST. Kirk Products borrowed

$360,000 on a 90-day, 8% interest-bearing note on July 15, 19x8. The note plus interest is to be repaid on October 12, 19x8. Assume that the year has 365 days and that July 15 and October 12 are interest days.

REQUIRED:

1. Record the borrowing transaction in Kirk’s journal.

2. Record the repayment transaction in Kirk’s journal.

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Financial Accounting

ISBN: 9780070213555

5th Edition

Authors: Robert K. Eskew, Daniel L. Jensen

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Question Posted: Jun 14, 2024 01:33 AM

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INTEREST-BEARING NOTE WITH DAILY INTEREST. Kirk Products borrowed $360,000 on a 90-day, 8% interest-bearing note on July

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Financial Accounting

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