A company borrowed $50,000 on November 1, 2019, at 9% interest. The interest and principal are due on October 31, 2020.

Prepare the company's journal entries on November 1, 2019, December 31, 2020, and October 31, 2020.

Question

A company borrowed $50,000 on November 1, 2019, at 9% interest. The interest and principal are due on October 31, 2020.
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Prepare the company's journal entries on November 1, 2019, December 31, 2020, and October 31, 2020.

Quizplus · Accepted Answer

The Answer of A company borrowed $50,000 on November 1, 2019, at 9% interest. The interest and principal are due on October 31, 2020.
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Prepare the company's journal entries on November 1, 2019, December 31, 2020, and October 31, 2020.

A Company Borrowed $50,000 on November 1, 2019, at 9