Question
On September 30, 2019 ABC Company signed a $220,000, one-year zero-interest-bearing note at Finance Bank. ABC's borrowing rate on such obligations is 12% (.89286 present
On September 30, 2019 ABC Company signed a $220,000, one-year zero-interest-bearing note at Finance Bank. ABC's borrowing rate on such obligations is 12% (.89286 present value factor).
Instruction: Show September 30, 2019 journal entry to record issuance of the note and the adjustment entry for the year end.
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Financial Accounting
Authors: Jamie Pratt, Michael F Peters
11th Edition
1119745322, 978-1119745327
