Question
On June 14, Mike's Loan Sharking and Beverage Corporation gave a 90-day note payable to Hungry Joe's Restaurant for $65,000 at 12% interest. Prepare the
On June 14, Mike's Loan Sharking and Beverage Corporation gave a 90-day note payable to Hungry Joe's Restaurant for $65,000 at 12% interest. Prepare the journal entries for Hungry Joe's for June 14, Hungry Joe's June 30 year end, and the repayment of the loan. (Hint: use a 365-day year.)
| Date | Account | Debit | Credit |
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
