(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on
January 1, and the journal entry to record the payment of the note on April 1; and
On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month
note, with the interest to be paid on the maturity date. Prepare journal entries to record the
issuance of the note and the related year-end adjusting entry on December 31.
Transcribed Image Text:(a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the interest to be paid on the maturity date. Prepare journal entries to record the issuance of the note and the related year-end adjusting entry on December 31.
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