Question
Bonita AG issued a 70,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2022, and received 70,000 cash. The note
Bonita AG issued a 70,000, 4-year, 10% note at face value to Flint Hills Bank on January 1, 2022, and received 70,000 cash. The note requires annual interest payments each December 31. Prepare Bonitas journal entries to record (a) the issuance of the note and (b) the December 31 interest payment.
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Audit Society Rituals Of Verification
Authors: Michael POWER
1st Edition
0198296037, 978-0198296034
