Question
Create the journal entries for the following transactions by Inguinal Mfg. On 8/1/20, Inguinal loaned a supplier $80,000 in exchange for an 8 month,
Create the journal entries for the following transactions by Inguinal Mfg. On 8/1/20, Inguinal loaned a supplier $80,000 in exchange for an 8 month, 7% note. On 11/1/20, Inguinal borrowed $130,000 from Third Fifth Bank with a 6 month, 6% note. On 12/31/20, Inguinal created an AJE for the note receivable and another for the note payable. Make sure you show your calculations. On 4/1/21, the supplier paid off their $80,000 note to Inguinal. On 5/1/21, Inguinal paid off their $130,000 note to Third Fifth Bank.
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a On 8120 Inguinal loaned a supplier 80000 in exchange for an 8month 7 note Date 8120 Debit Notes Re...Get Instant Access to Expert-Tailored Solutions
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
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