Question
(11). Waleed Company had the following transactions involving notes payable. Aug. 1, 2020 Borrows $200,000 from National Bank of Oman by signing a 9-month,
(11). Waleed Company had the following transactions involving notes payable. Aug. 1, 2020 Borrows $200,000 from National Bank of Oman by signing a 9-month, Dec. 1, 2020 12% note. Borrows $120,000 from Dhofar Bank by signing a 3-month, 10% note. Dec. 31, 2020 Prepares adjusting entries. March 1, 2021 Pays principal and interest to Dhofar Bank. May 1, 2021 Pays principal and interest to National Bank of Oman. Instructions Prepare journal entries for each of the transactions.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
