Question
On June 1, Wiley Company borrows $150,000 from First-Third Bank on a 6- month, $150,000, 8% note. (a) Prepare the journal entry on June
On June 1, Wiley Company borrows $150,000 from First-Third Bank on a 6- month, $150,000, 8% note. (a) Prepare the journal entry on June 1. (b) Prepare the entry at maturity (December 1) when the loan plus interest is paid back, assuming no other entries have been made regarding the note. Enter your answers in the text box below.
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
