FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
8th Edition
ISBN: 9781119250913
Author: Kimmel
Publisher: WILEY
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Question
Chapter 10, Problem 10.2E
(a)
To determine
Notes payable
Notes Payable is a written promise to pay a certain amount on a future date, with certain percentage of interest. Companies use to issue notes payable to meet short-term financing needs.
The amount borrowed by Company WQ as on May 15.
(b)
To determine
The interest rate, if the borrowed amount is $18,500 and interest expenses is $555 of Company WQ as on May 15.
(c)
To determine
To prepare: The
To determine
To prepare: The journal entry to record initial borrowing of Company WQ as on 15th September.
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FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
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