Question
On January 1, 2016, Nantucket Ferry borrowed $15,600,000 cash from BankOne and issued a six-year, $15,600,000, 8% note. Interest was payable annually on December 31.
On January 1, 2016, Nantucket Ferry borrowed $15,600,000 cash from BankOne and issued a six-year, $15,600,000, 8% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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Auditing Principles And Practice
Authors: Kumar And Sharma
3rd Edition
8120350987, 9788120350984
