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Notes payable On September 1, 2018, George Hanby borrowed $100,000 from The Actors' Credit Union and signed a 6% one-year note payable with all interest
Notes payable On September 1, 2018, George Hanby borrowed $100,000 from The Actors' Credit Union and signed a 6% one-year note payable with all interest and principal due at maturity. The interest on this loan is stated separately.
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Item 11
Item 11 10 points
Notes payable On September 1, 2018, George Hanby borrowed $100,000 from The Actors' Credit Union and signed a 6% one-year note payable with all interest and principal due at maturity. The interest on this loan is stated separately.
(a) The amount Hanby must pay on September 1, 2019, when the note matures is | |
$_______________ | |
(b) The interest expense Hanby will recognize on this note in 2019 is | |
$_______________ | |
(c) At December 31, 2018, George Hanby 's overall liability for this loan amounts to | |
$_______________ | |
(d) In the space provided, give the adjusting entry made by George Hanby on December 31, 2018, with respect to this note. |
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