All transactions involving Notes Payable and related accounts of Sally Company during 2014 follow. Repayment of note

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All transactions involving Notes Payable and related accounts of Sally Company during 2014 follow.

Repayment of note payable at maturity
Determine the amounts of the transactions affecting financing activities and show how they appear on the statement of cash flows for2014.

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Question Posted: Mar 26, 2014 09:13 AM

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All transactions involving Notes Payable and related accounts of Sally Company during 2014 follow. Repayment of note

Question:

Dr 36,000 Cr Cash Notes Payable Bank loan 36,000 Dr. Cr Patent 60,000 Notes Payable 60,000 Purchase of patent by issuing note payable Dr 10,000 1,000 Cr Notes Payable Interest Expense Cash 11,000

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Determining Cash Flows from Financing Activities Notes Pa...View the full answer

Principles of Accounting

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