The Villareal Corporation uses the accrual basis of accounting. Its fiscal period ends on December 31. On

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The Villareal Corporation uses the accrual basis of accounting. Its fiscal period ends on December 31. On November 15, the Villareal Corporation borrowed $9,500 from the Second National Bank by issuing a 120-day, 9.5% interest-bearing note payable.

Instructions

Record the following transactions on general journal page 41.

1. The issuance of the note payable (Note 7).

2. The adjusting entry to record the amount of accrued interest payable at year-end.

3. The payment of the note on the maturity date (Check 411).

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Glencoe Accounting First Year Course

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Authors: Andrée Vary

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Question Posted: Jun 17, 2022 12:23 AM

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The Villareal Corporation uses the accrual basis of accounting. Its fiscal period ends on December 31. On

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