Trista and Co. borrowed $180,000 on December 1, 2023, for 90 days at 5% interest by signing
Question:
Trista and Co. borrowed $180,000 on December 1, 2023, for 90 days at 5% interest by signing a note to buy jewellery inventory.
1. On what date will this note mature?
2. How much interest expense is created by this note in 2023?
3. How much interest expense is created by this note in 2024?
4. Prepare the journal entries on December 1, December 31 (Trista and Co.’s year-end), and the maturity date.
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1 Days in December Minus date of note Days remaining in ...View the full answer
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Related Book For 
Fundamental Accounting Principles Volume 2
ISBN: 9781260881332
17th Canadian Edition
Authors: Kermit D. Larson, Heidi Dieckmann, John Harris
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