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Harrison Central Bank agrees to lend Jones Manufacturing Company $400,000 on January 1. Jones Manufacturing Company signs a $400,000, 6%, 6-month note. Use the following
Harrison Central Bank agrees to lend Jones Manufacturing Company $400,000 on January 1. Jones Manufacturing Company signs a $400,000, 6%, 6-month note. Use the following tabular analysis to record: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). a) The proceeds and issuance of the note by Jones Manurfacturing Company on January 1 b) The adjustment required if Jones Manufacturing Company prepares financial statements on March 31 c) The pay off of the note and interest at maturity on June 30, assuming that no further interest has been accrued Assets Liabilities Notes Payable Interest Payable Cash + + Jan 1 March 31 June 30 Toetbalread madi S Stockholders Accounts Payable Common Stock Rev. Stockholders' Equity non Retained Earnings Exp. ck Rev. Div. INAJH
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