Question
Cullumber Ltd. borrows 106,200 on July 1 from the bank by signing a 106,200, 13%, one-year note payable. (a) Prepare the journal entry to record
Cullumber Ltd. borrows 106,200 on July 1 from the bank by signing a 106,200, 13%, one-year note payable.
(a)
Prepare the journal entry to record the proceeds of the note.
b)
Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
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Accounting
Authors: Peter J Eisen
6th Edition
143800138X, 978-1438001388
