June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Intei X is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaini ng to interest expense. Sept. 18 Paid am ount due on note, plus interest.

June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Intei X is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaini ng to interest expense. Sept. 18 Paid am ount due on note, plus interest.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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