A company issued a 30-day 7% note for $50,400 to a creditor on account. The company uses
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Question:
A company issued a 30-day 7% note for $50,400 to a creditor on account. The company uses a 360-day year to calculate interest.
Post entries to record
(a) the issuance of the note on April 30 and
(b) the payment of the note at maturity, including interest.
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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