Question
On January 1, 2024, Nantucket Ferry borrowed $14,500,000 cash from BankOne and issued a five-year, $14,500,000, 7% note. Interest was payable annually on December 31.
On January 1, 2024, Nantucket Ferry borrowed $14,500,000 cash from BankOne and issued a five-year, $14,500,000, 7% note. Interest was payable annually on December 31.
Prepare the journal entries for both firms to record interest at December 31, 2024.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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Cost Accounting A Decision Emphasis
Authors: Germain Boer, Debra Jeter
5th Edition
0759341559, 978-0759341555
