Question
On January 30, 2021, Titan Techniques gave Matzushibi Motors a 90-day, 8%, $80,000 note payable to extend a past due account payable. Titan has a
On January 30, 2021, Titan Techniques gave Matzushibi Motors a 90-day, 8%, $80,000 note payable to extend a past due account payable. Titan has a March 31 year end.
Instructions
Prepare the year-end adjusting entry to accrue interest and record payment of the note on April 30, 2021.
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Accounting Principles
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
7th Canadian Edition Volume 2
1119048478, 978-1119048473
