Journal entry to record the ultimate payment


PSC industry accepted a six-month, 12% interest, $2,000 note from Harlan Hotels on July 1, 2008. The entire balance is payable at the note's maturity. Assume that PSC industries accrues interest on the note monthly. Prepare the December 31 journal entry to record the ultimate payment.

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Accounting Basics: Journal entry to record the ultimate payment
Reference No:- TGS074153

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