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HURRY PLEASE!!! In an effort to raise some cash for operating activities, Concord Corporation approached Riverbed Ltd. and asked to borrow $125,000 (the Presidents of
HURRY PLEASE!!!
In an effort to raise some cash for operating activities, Concord Corporation approached Riverbed Ltd. and asked to borrow $125,000 (the Presidents of Concord and Riverbed were cousins). Riverbed agreed to loan $125,000 to Concord for three months at 6% interest. On August 1, Concord signed a promissory note for the amount, promising to repay the funds plus interest on November 1. Prepare the journal entry for the issuance of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) eTextbook and Media Prepare any year end adjusting entry, assuming that Riverbed's fiscal year-end is September 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Prepare any adjusting entry for the recording of any interest on October 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)Step by Step Solution
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