Admire County Bank agrees to lend Crane Brick Company $590000 on January 1. Crane Brick Company signs a $590000, 6%, 9- month note. The entry made by Crane Brick Company on January 1 to record the proceeds and issuance of the note is Cash Notes Payable O Cash Interest Expense Notes Payable Interest Payable Cash Interest Expense Notes Payable Interest Expense Cash Notes Payable 590000 590000 26550 590000 26550 26550 563450 590000 590000 26550 616550 590000

Admire County Bank agrees to lend Crane Brick Company $590000 on January 1. Crane Brick Company signs a $590000, 6%, 9- month note. The entry made by Crane Brick Company on January 1 to record the proceeds and issuance of the note is Cash Notes Payable O Cash Interest Expense Notes Payable Interest Payable Cash Interest Expense Notes Payable Interest Expense Cash Notes Payable 590000 590000 26550 590000 26550 26550 563450 590000 590000 26550 616550 590000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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