Champion Company's bank loaned the company $67,000 on November 22, 2024, by issuing a note payable for 75 days at 12%.
Posted: Wed Mar 09, 2022 8:24 am
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?
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?