Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for

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Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%. At year-end (Dec 31), the company makes the usual accruals and does not make reversing entries the next day.

REQUIRED:

1 The issuance of the note on November 22, 2024

2 The adjusting entry on December 31, 2024

3 What is the payment of the note?

Related Book For answer-question

Introductory Financial Accounting for Business

ISBN: 978-1260299441

1st edition

Authors: Thomas Edmonds, Christopher Edmonds

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Posted Date: Mar 03, 2022 11:36 AM

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Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for

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Answer Event Account Titles and Explanation Debit Credit 1 Cash 67000 Note ... View the full answer

Introductory Financial Accounting for Business

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