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On November 1 , 2 0 2 4 , Patterson, Inc. borrowed $ 2 , 0 0 0 , 0 0 0 from City National
On November Patterson, Inc. borrowed $ from City National Bank, signing a sixmonth note payable. The note is due on April
Required
a Record the issuance of the note payable on November
b Record the adjusting entry for interest expense on December
c Record the payment of the note and interest at maturity on April
Patterson, Inc. sold equipment in for $ The equipment carries a oneyear warranty against manufacturer's defects. Patterson estimates that the probable warranty costs associated with the equipment is of the sales figure.
During customers made warranty claims totaling $
Required
a Record the contingent liability for warranty costs in
b Record the payment for the warranty work performed in
Patterson Inc. pays its employees monthly. Payroll information is listed below for January. Assume that none of the employees exceeds the federal unemployment tax maximum salary of $ in January.
tableSalaries expense,$
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