Question
On October 1, 2020, a business signed a 14%, 6-month, $150000 note payable to a bank. The principal amount is due at maturity, and the
On October 1, 2020, a business signed a 14%, 6-month, $150000 note payable to a bank. The principal amount is due at maturity, and the interest is payable bi-monthly on December 1, 2020, and February 1, 2021, and April 1, 2021 The fiscal year end is December 31, 2020. The journal entry on February 1, 2021 will include a credit to cash of:
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
