Question
Moss County Bank agrees to lend Stan Brick Company $500,000 on January 1. Stan Brick Company signs a $500,000, 6%, 9-month note. Stan Brick Company
Moss County Bank agrees to lend Stan Brick Company $500,000 on January 1. Stan Brick Company signs a $500,000, 6%, 9-month note. Stan Brick Company has a June 30th year end. Prepare the journal entries for the:
a)issuance of the note
b)adjusting entry
c)repayment of note
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Financial And Managerial Accounting
Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell
4th Edition
1119752620, 978-1119752622
