On January 1, 2024, Nantucket Ferry borrowed $14,000,000 cash from Bank One and issued a four-year, $14,000,000,
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On January 1, 2024, Nantucket Ferry borrowed $14,000,000 cash from Bank One and issued a four-year, $14,000,000, 6% note. Interest was payable annually on December 31. Prepare the journal entries for both firms to record interest at December 31, 2024.
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Nantucket Ferry Debit Interest Expense 840000 Credit Interest Payab...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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