Jonas Company issues a 90 -day, 12 percent note payable to replace an account payable to Smith

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Jonas Company issues a 90 -day, 12 percent note payable to replace an account payable to Smith Supply Company in the amount of \(\$ 8,000\). Draft the journal entries (in general journal form) to record the issuance of the note payable and the payment of the note at the maturity date.

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Financial & Managerial Accounting

ISBN: 9780073526997

15th Edition

Authors: Jan Williams, Sue Haka, Mark Bettner, Joseph Carcello

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