FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 5 ( Upland Company borrowed $40,000 on November 1, 2018, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2018, entry; the December 31, 2018, annual adjusting entry; and the February 1, 2019, entry.
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Transcribed Image Text:Question 5 ( Upland Company borrowed $40,000 on November 1, 2018, by signing a $40,000, 9%, 3-month note. Prepare Upland's November 1, 2018, entry; the December 31, 2018, annual adjusting entry; and the February 1, 2019, entry.
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Step 1: Introduction Of Adjusting Entries :
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Step 2: To Record Interest On Notes Payable -
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