Question
On August 31, 2022, Sons, Inc. borrowed money at the bank by signing a 9 month note for $80,000. The interest rate on the note
On August 31, 2022, Sons, Inc. borrowed money at the bank by signing a 9 month note for $80,000. The interest rate on the note was 6%.
A. What would be the entry Son's Inc. would make on August 31, 2022?
B. What would be the adjusting entry made on December 31, 2022?
C. What would be the entry made on May 31, 2023, when the Note matured?
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Financial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
