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Prepared a journal entry required on October 31,December 31 and July 31 to record the transaction related to the note. Round the answer to the
Prepared a journal entry required on October 31,December 31 and July 31 to record the transaction related to the note. Round the answer to the nearest dollar
Assume that on October 31,2024 , Gendrons Salon, Inc., borrowed $12,000 from Regional Bank, signing a nine-month, 12 percent note. The fiscal year end is December 31 . Requirement Prepare the journal entries required on October 31, 2024, December 31, 2024, and July 31, 2025, to record the transactions related to the note. Round your answers to the nearest dollar. Begin by journalizing the issuance of the note on October 31,2024 . (Record debits first, then credits. Exclude explanations from journal entries. Do not round intermediary computations. Only round the amounts you input in the cells to the nearest dollar.)Step by Step Solution
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