On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date...
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On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note (and payment of all interest) is July 1, 2022. The accounting period ends December 31. Assume no adjusting entries are made during the year. (15 points) Required: Prepare the journal entry for each of the following dates: A. April 1, 2021. B. December 31, 2021. C. July 1, 2022. *If no journal entry is required for a specific date, write date and "No J/E Required" On April 1, 2021, MNO Company borrowed $15,000 on an 8% note payable. The maturity date of the note (and payment of all interest) is July 1, 2022. The accounting period ends December 31. Assume no adjusting entries are made during the year. (15 points) Required: Prepare the journal entry for each of the following dates: A. April 1, 2021. B. December 31, 2021. C. July 1, 2022. *If no journal entry is required for a specific date, write date and "No J/E Required"
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Answer rating: 100% (QA)
A April 1 2021 Debit Cash 15000 Credit Notes Payable 15000 B December 31 2021 No JE Require... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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