McGuire Company obtains $30,000 in cash by signing a 9%, 6-month, $30,000 note payable to First Bank

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McGuire Company obtains $30,000 in cash by signing a 9%, 6-month, $30,000 note payable to First Bank on July 1. McGuire's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?

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Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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