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Question 1 On November 1, 2020, ZINJ Company borrowed $300,000 for 90 days at 9% by signing a note. Assume that the face value of
Question 1 On November 1, 2020, ZINJ Company borrowed $300,000 for 90 days at 9% by signing a note. Assume that the face value of the note equals the principal of the loan. Required: (1) The needed adjusting journal entry on 31 Dec. 2020. (2) The journal entry to record the payment of the note at maturity date. YOUR ANSWER SHOULD BE IN THE FOLLOWING FORM: Dr. Cash 10,000 Cr. Land 10,000
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Contemporary Auditing Real Issues And Cases
Authors: Michael C. Knapp, Loreen Knapp
5th Edition
032418834X, 978-0324188349
