On October 1, 2020, Magnus Company signed a zero-interest bearing note to borrow cash from DT...
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On October 1, 2020, Magnus Company signed a zero-interest bearing note to borrow cash from DT Bank so it could purchase some inventory. Additional details about the borrowing arrangement follow: Maturity value of the note Term of note (in months) Amount borrowed by Magnus Company Assume that Magnus Company has a year end of December 31. Required: Prepare any journal entries required by Magnus Company over the entire term of the note, including any year-end adjusting journal entries. $ 70,000 4 $67,961 On October 1, 2020, Magnus Company signed a zero-interest bearing note to borrow cash from DT Bank so it could purchase some inventory. Additional details about the borrowing arrangement follow: Maturity value of the note Term of note (in months) Amount borrowed by Magnus Company Assume that Magnus Company has a year end of December 31. Required: Prepare any journal entries required by Magnus Company over the entire term of the note, including any year-end adjusting journal entries. $ 70,000 4 $67,961
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PARTICULAR DR CR Magnus Account 17500 DT Bank Account 1750... View the full answer
Related Book For
Modern Advanced Accounting In Canada
ISBN: 9781259066481
7th Edition
Authors: Hilton Murray, Herauf Darrell
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