2. On May 1, Edwards signs a $125,000 non-interest-bearing note payable due in one year to Chicago National Bank. The market rate on the note is 5%. 11 gnitoqo lsionsni a. Prepare the journal entries at the following dates: May 1: December 31: At maturity: Account DR CR Lamo ако 15vor1 mos b. What amount(s) would be reported in the current liabilities section of the balance sheet at December 31 for this note?

2. On May 1, Edwards signs a $125,000 non-interest-bearing note payable due in one year to Chicago National Bank. The market rate on the note is 5%. 11 gnitoqo lsionsni a. Prepare the journal entries at the following dates: May 1: December 31: At maturity: Account DR CR Lamo ако 15vor1 mos b. What amount(s) would be reported in the current liabilities section of the balance sheet at December 31 for this note?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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