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11-5 Jen Company borrowed $200,000 with a 15-month note payable to First City Bank on August 1, 2020. The interest rate on the note is
11-5 Jen Company borrowed $200,000 with a 15-month note payable to First City Bank on August 1, 2020. The interest rate on the note is 7%. The interest and principal are due Nov 1, 2021. Prepare the 3 journal entries 1. Borrowing on August 1, 2020 2. Adjusting entry on December 31, 2020 3. Repayment on November 1, 2021
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Design And Maintenance Of Accounting Manuals
Authors: Harry L. Brown
3rd Edition
0471253685, 978-0471253686
