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During 20X1, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June 8, the company borrowed $21,000, giving a 120-day,
During 20X1, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June 8, the company borrowed $21,000, giving a 120-day, 6 percent note, and on September 8, the company discounted at 6 percent a $24,000, 90-day note payable. (Use 360 days a year. Do not round intermediate calculations.) Required: 1. Prepare the journal entries to record issuance of each of these notes. 2. Prepare the journal entries to record issuance of a check to pay each note. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record issuance of each of these notes. No Date 1 June 08, 20X1 Cash Notes payable-Bank 2 Sept. 08, 20X1 Cash Interest expense Notes payable-Bank General Journal Debit 21,000 Credit 21,000 23,640 24,000
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