Question
On January 1, 2019 Telephone Co. took out a $700,000, 120-day loan from the bank, with 10% interested. Telephone Co. closes its books only once
On January 1, 2019 Telephone Co. took out a $700,000, 120-day loan from the bank, with 10%
interested. Telephone Co. closes its books only once a year, on 12/31. Provide the journal entries on the
following two dates: Issuance of Note and Maturity of Note
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
17th edition
978-0273778172, 027377817X, 978-1292080505
