Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%.

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%.

Post by answerhappygod »

Champion Company's bank loaned the
company $67,000 on November 22, 2024, by issuing a note payable for
75 days at 12%. At year-end (Dec 31), the company makes
the usual accruals and does not make reversing entries the next
day.
REQUIRED:
1 The issuance of the note on November
22, 2024
2 The adjusting entry on December 31,
2024
3 What is the payment of the note?
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”