Question

On the last day of October, Thornton Company borrows $240,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following journal entries:
(1) October 31, recording of note;
(2) November 30, accrual of interest expense;
(3) December 30, payment of note plus interest.



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  • CreatedSeptember 10, 2014
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