Fashion Fiesta Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Additional information provided by the company includes the following:
During 2015, the company repaid $60,000 of long-term notes payable.
During 2015, the company borrowed $51,000 on a new long-term note payable.
Use the T-account format to evaluate the transactions affecting the long-term notes payable account.

Question

Fashion Fiesta Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:  Additional information provided by the company includes the following:
During 2015, the company repaid $60,000 of long-term notes payable.
During 2015, the company borrowed $51,000 on a new long-term note payable.
Use the T-account format to evaluate the transactions affecting the long-term notes payable account.

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The Answer of Fashion Fiesta Company uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:  Additional information provided by the company includes the following:
During 2015, the company repaid $60,000 of long-term notes payable.
During 2015, the company borrowed $51,000 on a new long-term note payable.
Use the T-account format to evaluate the transactions affecting the long-term notes payable account.

Fashion Fiesta Company Uses the Indirect Method to Prepare Its