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FACULTY OF ADMINISTRATIVE AND FINANCIAL SCIENCES DEPARTMENT OF ACCOUNTING QUESTION NO. 4: OMANDATORY OPTIONAL/BOSTO (4 PONITE) On January 1, 2020, X company borrowed 2-year
FACULTY OF ADMINISTRATIVE AND FINANCIAL SCIENCES DEPARTMENT OF ACCOUNTING QUESTION NO. 4: OMANDATORY OPTIONAL/BOSTO (4 PONITE) On January 1, 2020, X company borrowed 2-year $40000 zero-interest beanng notes from Arab bank. The interest is payable on July 1 and December 31 (semiannually) The implicit interest rate is 0.11. Required: 1-Compute the cash received. 2-Record the journal entry
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
