On November 1, 2023, Mick's Mostly Meat Inc. issues a short term note payable in exchange...

  

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On November 1, 2023, Mick's Mostly Meat Inc. issues a short term note payable in exchange for $10,000 cash. The note is payable in 90 days and bears a 5% annual interest rate. On what date must the note be repaid? (write out the full date, for example December 31, 2027) What is the total amount of interest to be paid at maturity (round to the nearest whole dollar) What is the amount of interest expense incurred as of December 31, 2023? Prepare the journal entry to record the issuance of the short term note payable DR CR Prepare the Adjusting Journal Entry to record interest expense on December 31, 2022 On November 1, 2023, Mick's Mostly Meat Inc. issues a short term note payable in exchange for $10,000 cash. The note is payable in 90 days and bears a 5% annual interest rate. On what date must the note be repaid? (write out the full date, for example December 31, 2027) What is the total amount of interest to be paid at maturity (round to the nearest whole dollar) What is the amount of interest expense incurred as of December 31, 2023? Prepare the journal entry to record the issuance of the short term note payable DR CR Prepare the Adjusting Journal Entry to record interest expense on December 31, 2022

Answer rating: 100% (QA)

ANSWER I When we borrow any amount to someone then we issued a promissory note with t... View the full answer