Question
13. On July 16, ABC Ltd. gave a 120-day note payable to XYZ Ltd. instead of cash payment of an overdue account. The amount of
13. On July 16, ABC Ltd. gave a 120-day note payable to XYZ Ltd. instead of cash payment of an overdue account. The amount of the note was $75,000 at an interest rate of 14%. You are required to: (a) Pass the journal entry on July 16. (b) Determine the maturity date for ABC Ltd. (c) Pass the journal entry on maturity.
13. On July 16, ABC Ltd. gave a 120-day note payable to XYZ Ltd. instead of cash payment of an overdue account. The amoun of the note was $75,000 at an interest rate of 14%. You are required to: (a) Pass the journal entry on July 16. (b) Determine the maturity date for ABC Ltd. (c) Pass the journal entry on maturity
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Financial Accounting
Authors: Robert Libby
1st Canadian Edition
0070891737, 978-0070891739
