On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000...
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On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an annual interest rate of 8%. Interest Expense 496 Interest Payable 496 Interest Expense 720 Interest Payable 720 Interest Receivable 2,880 Interest Revenue 2,880 Interest Receivable 480 Interest Revenue 480 On October 30, Seba Salon, Inc. issued a 90-day note with a face amount of $36,000 to Reyes Products, Inc for merchandise inventory. Determine the adjusting entry for Seba on December 31 assuming the note carries an annual interest rate of 8%. Interest Expense 496 Interest Payable 496 Interest Expense 720 Interest Payable 720 Interest Receivable 2,880 Interest Revenue 2,880 Interest Receivable 480 Interest Revenue 480
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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