On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount borrowed plus accrued interest due ten months later on Aug. 31, 2022. DonutCo records the appropriate adjusting entry for the note on December 31, 2021. Make the journal entry to record the payment of the note plus accrued interest at maturity on Au. 31, 2022. (Round final answers to whole dollars) Account Name Debit Credit
On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount borrowed plus accrued interest due ten months later on Aug. 31, 2022. DonutCo records the appropriate adjusting entry for the note on December 31, 2021. Make the journal entry to record the payment of the note plus accrued interest at maturity on Au. 31, 2022. (Round final answers to whole dollars) Account Name Debit Credit
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 92PSA
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On October 31, 2020, DonutCo Company signed a $890,000, 5%, ten-month note payable with the amount borrowed plus accrued interest due ten months later on Aug. 31, 2022. DonutCo records the appropriate adjusting entry for the note on December 31, 2021. Make the journal entry to record the payment of the note plus accrued interest at maturity on Au. 31, 2022. (Round final answers to whole dollars)
| Account Name | Debit | Credit |
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