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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 22
Sylvestor Systems borrows $110,000 cash on May 15, 2015, by signing a 60-day, 12% note.
1. On what date does this note mature
2. Suppose the face value of the note equals $110,000, the principal of the loan. Prepare the journal entries to record ( a ) issuance of the note and ( b ) payment of the note at maturity.
1. On what date does this note mature
2. Suppose the face value of the note equals $110,000, the principal of the loan. Prepare the journal entries to record ( a ) issuance of the note and ( b ) payment of the note at maturity.
Explanation
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Short term notes payable
It is a writte...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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