Norbert Corporation borrowed $24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable to
Question:
Norbert Corporation borrowed $24,000 on December 1, 2011, by issuing a two-month, 8 percent note payable to Service One Credit Union. The entire amount of the loan, plus interest, is due
February 1, 2012.
a. Prepare the necessary adjusting entry for interest expense on December 31, 2011.
b. Record the repayment of the loan plus interest on February 1, 2012.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Dec 31 Interest Expense 160 Interest Payable 160 To rec...View the full answer
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Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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