Solved: Greener pastures corporation borrowed 1000000 on november, Accounting Basics

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Greener pastures corporation borrowed 1000000 on november

Greener Pastures Corporation borrowed $ 1,000,000 on November 1, 2015. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2016. Show the accounting equation effects and prepare the journal entries for

(a) The note issued on November 1 and

(b) The interest accrual on December 31.

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Accounting Basics: Greener pastures corporation borrowed 1000000 on november

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Accounting Basics: Greener pastures corporation borrowed 1000000 on november

Reference No:- TGS01153327

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