Question
On April 1, 2018, Cardons borrowed $300,000 at an annual interest rate of 4 percent to expand its boat storage facility. The loan requires Cardons
On April 1, 2018, Cardon’s borrowed $300,000 at an annual interest rate of 4 percent to expand its boat storage facility. The loan requires Cardon’s to pay the interest quarterly until the note is repaid in three years. Cardon’s paid quarterly interest on July 1 and October 1, 2018.
Record this on general journal
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Financial Accounting
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
5th Canadian edition
9781259105692, 978-1259103285
