Udala Uke's had the following transactions involving notes payable. July 1, 2017 Borrows $50,000 from First National
Question:
Udala Uke's had the following transactions involving notes payable.
July 1, 2017 Borrows $50,000 from First National Bank by signing a nine-month, 8% note.
Nov. 1, 2017 Borrows $60,000 from Interprovincial Bank by signing a three-month, 6% note.
Dec. 31, 2017 Prepares adjusting entries. Pays principal and interest to Interprovincial Bank.
Feb. 1, 2018 Pays principal and interest to First National Bank.
Apr. 1, 2018 Prepare journal entries for each of the transactions.
Instructions
Prepare journal entries for each of the transactions.
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2017 July 1 Cash 50000 Notes Payable 50000 Nov 1 Cash 60000 Notes Payable 6000...View the full answer
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