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On April 1, Sunshine Company borrows $150,000 from High Standard Bank by signing a 6-month, 8%, interest-bearing note. REQUIRED: Prepare the necessary entries below
On April 1, Sunshine Company borrows $150,000 from High Standard Bank by signing a 6-month, 8%, interest-bearing note. REQUIRED: Prepare the necessary entries below associated with the note payable on the books of Sunshine Company. (a) Prepare the entry on April 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 to accrue interest. (c) Prepare the adjusting entry at August 31 to accrue interest. (d) Prepare the entry to record payment of the note at maturity.
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Step 1 of 1 Date Account Dr Cr Cash 150000 Notes Payable 150000 Entry for b...
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Fundamental Accounting Principles
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
20th Edition
1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870
