Canney Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1-year note
Question:
(a) The proceeds of the note and
(b) Accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
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a July 1 Cash 90000 Notes ...View the full answer
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Related Book For 
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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