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On December 1, 2016, Old Car Co. borrowed money at the bank by signing a 90-day non-interest-bearing note for $24,000 that was discounted at 8%.
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On December 1, 2016, Old Car Co. borrowed money at the bank by signing a 90-day non-interest-bearing note for $24,000 that was discounted at 8%. Which of the following entries is correct?
December 31, 2016 Interest Expense 160 Discount on Notes Payable 160 December 31, 2016 Interest Expense 160 Interest Payable 160 March 1, 2017 Note Payable 23,520 Cash 23,520 December 1, 2016 Cash 24,000 Note Payable 24,000
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Business Accounting Uk Gaap Volume 1
Authors: Frank Wood, Alan Sangster
1st Edition
0273718762, 9780273718765
