How the principle interest will be paid at the end, Accounting Basics

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How the principle interest will be paid at the end

On july 1 2012 a company loaned a key supplier 75000. A promissory note was signed and issued and due in 8 months from may 1st. The supplier agreed to pay interest on the note at an annual interest rate of 8%. Principle interest will be paid at the end of 8 months. The note was recorded in notes receivable. Prepare adjusting journal entry.

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Accounting Basics: How the principle interest will be paid at the end

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Accounting Basics: How the principle interest will be paid at the end

Reference No:- TGS0683896

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Compute amount of unrealized intra-entity profit

Q : Due to rapid employee turnover

Q : Why the fee for the sixth month will be recorded

Q : What is tigor enterprises

Q : How the principle interest will be paid at the end

Q : Find expected number of misprints in poisson distributed

Q : Merchandise on a consignment basis

Q : How the october recognizes one-half month accrual

Q : Factory supervision increases by increments

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: How the principle interest will be paid at the end

Reference No:- TGS0683896

Recent Questions Asked Accounting Basics

Q : Compute amount of unrealized intra-entity profit

Q : Due to rapid employee turnover

Q : Why the fee for the sixth month will be recorded

Q : What is tigor enterprises

Q : How the principle interest will be paid at the end

Q : Find expected number of misprints in poisson distributed

Q : Merchandise on a consignment basis

Q : How the october recognizes one-half month accrual

Q : Factory supervision increases by increments

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