On December 16 of the current year, a company borrows $5,000 cash by signing a 45-day; 12% note payable. The company honors its commitment and makes full payment on the maturity date. Prepare all related journal entries assuming that the company’s accounting year ends on December 31 each year. [4 Marks]

Sep 8, 2023

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On December 16 of the current year, a company borrows $5,000 cash by signing a 45-day; 12% note payable. The company honors its commitment and makes full payment on the maturity date. Prepare all related journal entries assuming that the company’s accounting year ends on December 31 each year. [4 Marks]
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