FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Arvan Patel is a customer of Bank's Hardware Store. For Mr. Patel's latest purchase on January 1, 2018, Bank's Hardware issues a note with a principal amount of $530,000, 11% annual interest rate, and a 24-month maturity date on December 31, 2019.
Record the
A. Note issuance.
B. Subsequent interest entry on December 31, 2018.
C. Honored note entry at maturity on December 31, 2019.
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