Question
Notes Payable and Interest On July 1, 2016, Jo's Flower Shop borrowed $42,000 from the bank. Jo signed a ten-month, 8% promissory note for the
Notes Payable and Interest
On July 1, 2016, Jo's Flower Shop borrowed $42,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount. Jo's uses a calendar year-end.
Prepare any adjusting entries needed at year-end. Use months in calculation. Do not round intermediate calculations
2016Dec. 31
Interest expense
Interest payable
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Payroll Accounting 2017
Authors: Jeanette Landin, Paulette Schirmer
3rd edition
1259572188, 1259572180, 1259742512, 9781259742514, 978-1259572180
