Question

On March 1, Azalea Golf borrows $30,000 on a 6-month, 6% note from Augusta Bank. Assume interest is paid at the maturity of the note.
Required
Prepare
(a) The journal entry to record the receipt of cash from the note
(b) The journal entry to record the accrual of interest if Azalea prepares financial statements on June 30
(c) The journal entry to record the repayment of the note at maturity.


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  • CreatedJuly 16, 2015
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