FINANCIAL ACCOUNTING: TOOLS WP ACCESS
8th Edition
ISBN: 9781119230069
Author: Kimmel
Publisher: WILEY
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Question
Chapter 10, Problem 10.3E
(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.
To prepare: The
(b)
To determine
To prepare: The
(c)
To determine
The journal entry to record 8% notes payable payment, and interest of the note to Bank A on December 1.
(d)
To determine
To Compute: The total financing cost (interest expenses) of 8% notes payable, using principal amount, interest expenses and interest time period.
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FINANCIAL ACCOUNTING: TOOLS WP ACCESS
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