On July 1, 2012, Williams Company borrows $80,000 from the bank by signing an $80,000, 8%, 2-year
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a. Prepare the journal entries to record the issuance of the note and accrued interest at December 31, 2012.
b. How would Williams report the note payable on its 2012 and 2013 balance sheets?
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a July 1 Cash 80000 Notes Payable 80000 Dec 31 Interest Expense 320...View the full answer
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