Solved: Interest was payable at maturity tri-states fiscal period, Accounting Basics

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Interest was payable at maturity tri-states fiscal period

Question - On September 1, 2011, Tri-State Paving Inc., an asphalt resurfacing and repairing company, borrowed $6 million cash to fund a twenty mile highway project. The loan was made by Alabama TrustCorp under a non-committed short-term line of credit arrangement. Tri-State issued a 6-month, 14% promissory note. Interest was payable at maturity. Tri-State's fiscal period is the calendar year.

Required: Prepare the journal entry for the issuance of the note by Tri-State Paving Inc.

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Accounting Basics: Interest was payable at maturity tri-states fiscal period

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Accounting Basics: Interest was payable at maturity tri-states fiscal period

Reference No:- TGS02599534

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