Notes Payable Essential Company, which manufactures steel tubing and casing for automobile production, borrowed $396,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology The terms of Essential's note dictate that it is a 8 month, 12 , interest bearing note Required 1 Record the borrowing transaction If an amount box does not require an entry, leave it blank Jan 1 (Record issuance of note payable) 2 Record the repayment transaction If an amount box does not require an entry, leave it blank Sept 1 (Record payment of interest and principal) Notes Payable Essential Compary, which manufactures steel tubing and casing for automobile production, borrowed $396,000 on danuary 1 to finarice the purchase of a new piece of machinery with new heating technologk The terms of Escental's note dictate that it is a 8 month, 12 , interest boaring note Required 1 Record the borrowing transaction If an amount box does not require an entry, leave it blank 3 a 2 Record the repayment taansattion If an amount box does not require an entry, leave it blark Se (Record payment of interest ana principar)

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Notes Payable Essential Company, which manufactures steel tubing and casing for automobile production, borrowed $396,000 on January 1 to finance the purchase of a new piece of machinery with new heating technology  The terms of Essential's note dictate that it is a 8 month, 12 , interest bearing note  Required  1  Record the borrowing transaction  If an amount box does not require an entry, leave it blank  Jan  1 (Record issuance of note payable) 2  Record the repayment transaction  If an amount box does not require an entry, leave it blank  Sept  1 (Record payment of interest and principal) Notes Payable Essential Compary, which manufactures steel tubing and casing for automobile production, borrowed  $396,000 on danuary 1 to finarice the purchase of a new piece of machinery with new heating technologk  The terms of Escental's note dictate that it is a 8 month, 12 , interest boaring note  Required  1  Record the borrowing transaction  If an amount box does not require an entry, leave it blank  3 a 2  Record the repayment taansattion  If an amount box does not require an entry, leave it blark  Se (Record payment of interest ana principar)

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Notes Payable Essential Company, which manufactures steel tubing and casing for automobile production, borrowed $396,000 on January 1 to finance the purchase of a new

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