Rayborn company obtains 20000 in cash by signing a 9, Accounting Basics

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Rayborn company obtains 20000 in cash by signing a 9

Question: 1.Jenny Perez believes a current liability is a debt that can be expected to be paid in one year. Is Jenny correct? Explain.

2. Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Rayborn's fi scal year ends on September 30. What information should be reported for the note payable in the annual fi nancial statements?

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Accounting Basics: Rayborn company obtains 20000 in cash by signing a 9

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