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On September 1, 2021, Allied Moving Corp. borrows $120,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at
On September 1, 2021, Allied Moving Corp. borrows $120,000 cash from First National Bank. Allied signs a six-month, 5% note payable. Interest is payable at maturity. Allied's year-end is December 31. 1., 2. & 3. Record the following transactions for the note payable by Allied Moving Corp. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to nearest dollar amount.)
No | Date | General Journal | Debit | Credit |
---|---|---|---|---|
1 | Sep 01, 2021 | Cash | 120,000 | |
Notes Payable | 120,000 | |||
2 | Dec 31, 2021 | Interest Expense | ||
Interest Payable | ||||
3 | Mar 01, 2022 | Notes Payable | 120,000 | |
Interest Payable | ||||
Interest Expense | ||||
Cash |
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