Question
On November 1, 2023, Mick's Mostly Meat Inc. issues a short term note payable in exchange for $10,000 cash. The note is payable in
On November 1, 2023, Mick's Mostly Meat Inc. issues a short term note payable in exchange for $10,000 cash. The note is payable in 90 days and bears a 5% annual interest rate. On what date must the note be repaid? (write out the full date, for example December 31, 2027) What is the total amount of interest to be paid at maturity (round to the nearest whole dollar) What is the amount of interest expense incurred as of December 31, 2023? Prepare the journal entry to record the issuance of the short term note payable DR CR Prepare the Adjusting Journal Entry to record interest expense on December 31, 2022
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
7th Canadian edition
1119368456, 978-1119211587, 1119211581, 978-1119320623, 978-1119368458
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