Question
Bonita Company borrows 60,000 on July 1 from the bank by signing a 60,000, 10%, one year note payable. prepare the journal entry to record
Bonita Company borrows 60,000 on July 1 from the bank by signing a 60,000, 10%, one year note payable.
prepare the journal entry to record the proceeds of the note.
prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year
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Cornerstones of Managerial Accounting
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
2nd Canadian edition
978-0176721237, 978-0176530884
