Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1,
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Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1, 2011. Interest is payable semiannually on December 31 and June 30. The principal amount is to be repaid in full on June 30, 2014. Silmaril, Inc., reports on a calendar-year basis. Prepare all journal entries relating to the note during 2011, 2012, 2013, and 2014.
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2011 July 1 Cash 25000 Notes Payable 25000 Borrowed 25000 from First National Bank and issued a note ...View the full answer
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Related Book For 
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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