On the last day of October, Lake Company borrows $60,000 on a bank note for 60 days
Question:
(1) October 31, recording of note;
(2) November 30, accrual of interest expense (round to the nearest cent);
(3) December 30, payment of note plus interest.
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1 Oct 31 Cash 6000000 Notes Payable 6000000 Bank loan for 60 days at 12 percent ...View the full answer
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Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted:
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