Question
A business issued a 45-day 10% note for 255,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note
A business issued a 45-day 10% note for 255,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note on January 1 and (b) the payment of the note at maturity, including interest. Assume a 360- day year. Refer to the chart of accountsfor exact wording of account tittles
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
