Question
Brief Exercise 14-11 Marigold Corporation issued a 5-year, $80,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $45,394. The implicit
Brief Exercise 14-11
Marigold Corporation issued a 5-year, $80,000, zero-interest-bearing note to Brown Company on January 1, 2020, and received cash of $45,394. The implicit interest rate is 12%. Prepare Marigolds journal entries for (a) the January 1 issuance and (b) the December 31 recognition of interest. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
A. DR CR
DR CR
DR CR
B. DR CR
DR CR
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Regulation Audit Inspection Standards And Risk A Handbook For Street Level Regulators
Authors: John E Brady, Amy J Brady
1st Edition
0993082238, 978-0993082238
