On september 2 2 0 2 3 , Peterson company borrowns cash by issuing a one year

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Question:

On september

2 2023,

Peterson company borrowns cash by issuing a one year noninterest bearing note payable to campbell bank in the amount of $

61480 .

The market rate of the note is

6 % .

The company amortizes any discount on the note using the straight

-

line method. Record the entires for peterson company on the following dates. A

)

issuance of the note on September

1

)

adjusting entry on December

31

Related Book For answer-question

Essentials of Accounting for Governmental and Not-for-Profit Organizations

ISBN: 978-0073527055

10th Edition

Authors: Paul A. Copley

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Posted Date: Apr 29, 2024 12:46 AM

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On september 2 2 0 2 3 , Peterson company borrowns cash by issuing a one year

Question:

Expert Answer:

A Issuance of the note on September 1 September 1 2023 Cash 61480 Discount on Note Payable 3648 Note ... View the full answer

Essentials of Accounting for Governmental and Not-for-Profit Organizations

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