Question
On Nov 1,2010, Red Company received a 90-day, 10% note payable from customer, with a face value of $20,000. Red made the appropriate year-end accrual.
On Nov 1,2010, Red Company received a 90-day, 10% note payable from customer, with a face value of $20,000. Red made the appropriate year-end accrual. What are the journal entries as of Nov, 1; Dec, 31, 2010 and record the payment of the note at maturity date?
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
3rd Edition
0136946690, 978-0136946694
