Question
A Bank agrees to lend Rundle Pty Ltd $200 000 on 1 st January, 20X9. Rundle Pty Ltd signs a $200,000, 4%, 9-month note. Interest
A Bank agrees to lend Rundle Pty Ltd $200 000 on 1st January, 20X9. Rundle Pty Ltd signs a $200,000, 4%, 9-month note. Interest is paid at maturity. Rundle Pty Ltds financial year ends at 30th June.
The entry made by Rundle Pty Ltd on 1st January to record the proceeds and issue of the note is:
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Managerial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th edition
978-1118334331, 1118334337, 978-1119036449, 1119036445, 978-1119036432
