Question
Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%. At year-end (Dec 31),
Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%. At year-end (Dec 31), the company makes the usual accruals and does not make reversing entries the next day.
REQUIRED:
1 The issuance of the note on November 22, 2024
2 The adjusting entry on December 31, 2024
3 What is the payment of the note?
Step by Step Solution
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Answer Event Account Titles and Explanation Debit Credit 1 Cash 67000 Note ...
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Introductory Financial Accounting for Business
Authors: Thomas Edmonds, Christopher Edmonds
1st edition
1260299449, 978-1260299441
