Upland Company borrowed $40,000 on November note. Prepare Upland's November 1, 2018, entry; the and the February 1, 2019, entry.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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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.
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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