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Sandy Catering approached the president of CoCo for a loan. Sandy asked to borrow $60,000 to help her company through a recession period. CoCo agreed
Sandy Catering approached the president of CoCo for a loan. Sandy asked to borrow $60,000 to help her company through a recession period. CoCo agreed to loan $60,000 to Sandy for six months at 5% interest. On October 1, 2023, Sandy signed a promissory note for the amount, promising to repay the funds plus interest on March 31, 2024. CoCo has a January 31 year end and the note will be repaid with interest on March 31, 2024.
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Answer The journal entry at the yearend of 2023 for CoCo would be as follows D...
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Modern Advanced Accounting In Canada
Authors: Hilton Murray, Herauf Darrell
7th Edition
1259066487, 978-1259066481
