Question
11. On July 16, Freedom Flight gave a 120-day note payable to Slick and Slide Co., instead of cash payment of an overdue account. The
11. On July 16, Freedom Flight gave a 120-day note payable to Slick and Slide Co., instead of cash payment of an overdue account. The amount of the note was $75,000 at an interest rate of 14%. Prepare the journal entry and determine the maturity date for Freedom Flight to record payment of the note.
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P7 Advanced Audit And Assurance Q And A 2013
Authors: ACCA Simplified
1st Edition
1492716626, 978-1492716624
