On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days
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On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days at 12 percent interest. Assume that interest is stated separately. Prepare the following entries in journal form:
(1) August 31, recording of note; and
(2) October 30, payment of note plus interest.
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1 Aug 31 Cash 24000000 Notes Payable 24000000 Bank loan for 6...View the full answer
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QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
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