Question
Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% one year note payable. (a) Prepare the journal entry to
Hanna Company borrows $80,000 on July 1 from the bank by signing an $80,000, 10% 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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Forensic Accounting And Fraud Examination
Authors: Mary Jo Kranacher, Richard Riley
2nd Edition
1119494338, 9781119494331
