Prepare the july 31 journal entry for red brick inc


Red Brick Inc. purchased a piece of factory equipment on May, 1. The $170,000 equipment was purchased by signing a three month (6% annual rate) note. Interest accrued monthly but all interest and principle will be paid upon maturity of the note. Prepare the July 31 journal entry for Red Brick Inc. capturing repayment of the entire note and interest.  Assume that Red Brick has been accruing interest monthly

 

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Accounting Basics: Prepare the july 31 journal entry for red brick inc
Reference No:- TGS073507

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