Question
A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the
A business issued a 30-day, 7% note for $33,600 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. If needed, round your answers to the nearest dollar.
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The Routledge Companion To Auditing
Authors: David Hay, W. Robert Knechel, Marleen Willekens
1st Edition
1138363081, 978-1138363083
