Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 11, Problem 4QS
1.
To determine
Compute the accrued interest payable on December 31.
2.
To determine
Prepare the
3.
To determine
Prepare the journal entry to record payment of the note maturity.
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On November 7, Mura Company borrows $350,000 cash by signing a 90-day, 8%, $350,000 note payable. 1. Compute the accrued interest payable on December 31.2. & 3. Prepare the journal entries to record the accrued interest expense at December 31 and payment of the note at maturity on February 5.
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Chapter 11 Solutions
Principles of Financial Accounting.
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