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Problem 5 Worth 3 pts.1/2 pt. for each account title and Interest amount Groovy Swing is a retail store specializing in golf equipment and apparel.
| Problem 5 Worth 3 pts.1/2 pt. for each account title and Interest amount | ||||||||
| Groovy Swing is a retail store specializing in golf equipment and apparel. On February 1, 2014, the company borrows $250,000 cash from the bank with a six-month, 6% note payable. | ||||||||
| Required: Prepare the companys necessary journal entries on February 1st and the note's maturity date. | ||||||||
| Solution: | ||||||||
| Date | Account | Debit | Credit | |||||
| Feb. 1 | ||||||||
| Aug. 1 | ||||||||
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