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Concord Limited borrowed $38,400 on November 1, 2020, by signing a $38,400, three-month, 8% note. Assume that Concord uses reversing entries. Prepare the 2021
Concord Limited borrowed $38,400 on November 1, 2020, by signing a $38,400, three-month, 8% note. Assume that Concord uses reversing entries. Prepare the 2021 journal entries for Concord. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation 01/01/21 02/01/21 Debit Credit
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
12th Canadian Edition
1119497043, 978-1119497042
