Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month. $20,000 note payable to First Bank

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Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month. $20,000 note payable to First Bank on July 1. Rayborn's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?
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Related Book For  answer-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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