On December 1, Daw Company accepts a $44,000, 45-day, 12% note from a customer.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.4EX: Entries for notes payable A business issued a 120-day, 5% note for 90,000 to a creditor on account....
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QS 9-15 (Algo) Note receivable interest and maturity LO P4
On December 1, Daw Company accepts a $44,000, 45-day, 12% note from a customer.
(1) Prepare the year-end
(2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
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