Question: View Policies Current Attempt in Progress Tamarisk, Inc. borrows $68,000 from Carla Vista Co. on July 1, 2021 signing a 7%, one-year note payable.
View Policies Current Attempt in Progress Tamarisk, Inc. borrows $68,000 from Carla Vista Co. on July 1, 2021 signing a 7%, one-year note payable. Interest is to be paid at maturity. (a) Prepare journal entry for Tamarisk, Inc. to record the receipt of the proceeds of the note. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date July 1, 2021 Account Titles and Explanation Debit Credit (Borrow cash and sign note payable.) eTextbook and Media.
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