On December 1,2019,Goliath Corporation borrowed $120,000 on a three-month,10% note.Goliath Corporation's year end is December 31.
Required:
1.Prepare the journal entries in 2019 and 2020 for Goliath Corporation.Omit explanations.
2.At December 31,2019,what is reported on the balance sheet as current liabilities?
1.
2.
Current Liabilities:

Question

On December 1,2019,Goliath Corporation borrowed $120,000 on a three-month,10% note.Goliath Corporation's year end is December 31.
Required:
1.Prepare the journal entries in 2019 and 2020 for Goliath Corporation.Omit explanations.
2.At December 31,2019,what is reported on the balance sheet as current liabilities?
1.
  2.
Current Liabilities:

Quizplus · Accepted Answer

The Answer of On December 1,2019,Goliath Corporation borrowed $120,000 on a three-month,10% note.Goliath Corporation's year end is December 31.
Required:
1.Prepare the journal entries in 2019 and 2020 for Goliath Corporation.Omit explanations.
2.At December 31,2019,what is reported on the balance sheet as current liabilities?
1.
  2.
Current Liabilities:

On December 1,2019,Goliath Corporation Borrowed $120,000 on a Three-Month,10% Note