On Sept 1, 20X1, Orange Co borrowed P240,000 from ABC Bank to fund a new business venture. Orange issued a 6-month 12% promissory note. Principal and interest is payable on maturity date . REQUIRED: Journal entries from Sept 1 until the note matures.

On Sept 1, 20X1, Orange Co borrowed P240,000 from ABC Bank to fund a new business venture. Orange issued a 6-month 12% promissory note. Principal and interest is payable on maturity date . REQUIRED: Journal entries from Sept 1 until the note matures.

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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On Sept 1, 20X1, Orange Co borrowed P240,000 from ABC Bank to fund a new business venture. Orange issued a 6-month 12% promissory note. Principal and interest is payable on maturity date .

REQUIRED: Journal entries from Sept 1 until the note matures.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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