Consider the following note payable transactions of Concert Video Productions. 2015 May 1 Purchased equipment costing $12,000
Question:
2015
May 1 Purchased equipment costing $12,000 by issuing a one-year,
3% note payable.
Dec. 31 Accrued interest on the note payable.
2016
May 1 Paid the note payable plus interest at maturity.
Journalize the transactions for the company.
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Date Accounts and Explanation Debit Credit 2015 May 1 Equipment 12000 Notes ...View the full answer
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Related Book For 
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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