On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied signs a six-month, 6% note payable. Interest is payable at maturity. Allied's year-end is December 31. Journal entry worksheet 2.

On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied signs a six-month, 6% note payable. Interest is payable at maturity. Allied's year-end is December 31. Journal entry worksheet 2.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Question

On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied signs a six-month, 6% note payable.
Interest is payable at maturity. Allied's year-end is December 31,
Journal entry
worksheet
1
>
3
Record the issuance of notes payable.

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