Question
On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note (and payment of all interest)
On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note (and payment of all interest) is July 1, 2022. The accounting period ends December 31. Assume no adjusting entries are made during the year. (15 points) Required: Prepare the journal entry for each of the following dates: A. April 1, 2021. B. December 31, 2021. C. July 1, 2022. *If no journal entry is required for a specific date, write date and "No J/E Required"
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
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