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On March 1, 2018, Farmer Corporation borrowed $400,000 from the bank. Farmer signed a 7 month, 7% promissory note for the entire amount. Farmer Corporation
On March 1, 2018, Farmer Corporation borrowed $400,000 from the bank. Farmer signed a 7 month, 7% promissory note for the entire amount. Farmer Corporation uses a calendar year-end.
Required:
- Prepare the journal entry on March 1, 2018 to record the issuance of the promissory note.
- Prepare the journal entry on September 30, 2018 to record the payment of principal and interest.
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Accountability Of Local Authorities In England And Wales, 1831-1935 Volume 1
Authors: Hugh Coombs, J. R. Edwards
1st Edition
1138965758, 9781138965751
