All transactions involving Notes Payable and related accounts of Pearl Company during 2010 are as follows: Determine

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All transactions involving Notes Payable and related accounts of Pearl Company during 2010 are as follows:

Determine the amount of the transactions affecting financing activities and show how they are to appear on the statement of cash flow for2010.

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 03:14 AM

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All transactions involving Notes Payable and related accounts of Pearl Company during 2010 are as follows: Determine

Question:

Dr. 18,000 Cr. Cash Notes Payable Bank loan 18,000 Dr 30,000 Cr. Patent Notes Payable 30,000 Purchase of patent by issuing note payable Dr. 5,000 500 Cr. Notes Payable Interest Expense Cash 5,500 Repayment of note payable at maturity

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Cash flows from financing activities Issue of notes payable 180...View the full answer

Principles of Accounting

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