Question
Wellington Company had the following transactions involving notes payable. Nov. 1, 2014 Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note. Dec.
Wellington Company had the following transactions involving notes payable.
Nov. 1, 2014 Borrows $180,000 from Olathe State Bank by signing a 3-month, 10% note.
Dec. 31, 2014 Prepares the adjusting entry.
Feb. 1, 2015 Pays principal and interest to Olathe State Bank.
Instructions
Indicate the accounts that are increased and/or decreased for each of the above transactions.
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Accounting And Auditing Practices In Africa
Authors: Mariaan Roos, Lesley Stainbank
1st Edition
1928357431, 978-1928357438
