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Canada Trust agrees to lend Meadowvale Ford Company $100,000 on January 1. Meadowvale Ford Company signs a $100,000, 10-month, 5% note. Assume you are
Canada Trust agrees to lend Meadowvale Ford Company $100,000 on January 1. Meadowvale Ford Company signs a $100,000, 10-month, 5% note. Assume you are accounting for Grimwood: Prepare the journal entry on Jan 1. Prepare the journal entry on June 30 (assuming that is the fiscal year end) Prepare the journal entry when the Note is due (assuming Meadowvale Ford honours the note) Dat e 20 1 General Journal Particulars PR Debits Page Credits
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