Question
Brief Exercise 10-2 Pharoah Company borrows $87,600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. (a) Prepare the journal
Brief Exercise 10-2
Pharoah Company borrows $87,600 on July 1 from the bank by signing a $87,600, 10%, 1-year note payable. (a) Prepare the journal entry to record the proceeds of the note.
July 1
(b) Prepare the journal entry to record the accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
December 31
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The Craft Of Auditing For Accounting Undergraduates
Authors: Eldar Maksymov
1st Edition
1516589890, 9781516589890
