Udala Ukes had the following transactions involving notes payable. July 1, 2024 Borrows $50,000 from First National
Question:
Udala Uke’s had the following transactions involving notes payable.
July 1, 2024 Borrows $50,000 from First National Bank by signing a nine-month, 8% note.
Nov. 1, 2024 Borrows $60,000 from Interprovincial Bank by signing a three-month, 6% note.
Dec. 31, 2024 Prepares annual year-end adjusting entries.
Feb. 1, 2025 Pays principal and interest to Interprovincial Bank.
Apr. 1, 2025 Pays principal and interest to First National Bank.
Instructions
Prepare journal entries for each of the transactions.
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2024 July 1 Nov 1 2025 Feb 1 50000 Notes Payable Borr...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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