What would be the adjusting entry for that, Accounting Basics

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What would be the adjusting entry for that

'On October 1, 2012. a company issued a 5 month note receivable to morearms inc at an annual interest rate of 16%. principle and interest will be paid at the end of the 5 months. the note was recorded in notes receivable and is the only note outstanding.'

What would be the adjusting entry for that? The note recevable was a debit for 5000 in the unadjusted trial balance.

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Accounting Basics: What would be the adjusting entry for that

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Request for Solution File

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Accounting Basics: What would be the adjusting entry for that

Reference No:- TGS0670492

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Reinvestment rate assumption

Q : Compute the cost of new preferred stock for def

Q : Underlying cause of ranking conflicts

Q : What was the percentage change in income

Q : What would be the adjusting entry for that

Q : Rationale behind the npv method

Q : Explain relationships among accounts payable-inventories

Q : Explain the unit variable cost and total fixed costs

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What would be the adjusting entry for that

Reference No:- TGS0670492

Recent Questions Asked Accounting Basics

Q : Reinvestment rate assumption

Q : Compute the cost of new preferred stock for def

Q : Underlying cause of ranking conflicts

Q : What was the percentage change in income

Q : What would be the adjusting entry for that

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Q : Explain relationships among accounts payable-inventories

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