Admire County Bank agrees to lend Swifty Brick Company $591000 on January 1. Swifty Brick Company signs a $591000, 8%, 9-month note. The entry made by Swifty Brick Company on January 1 to record the proceeds and issuance of the note isOOCashInterest ExpenseNotes PayableCashNotes PayableInterest ExpenseCashNotes PayableCashInterest ExpenseNotes PayableInterest Payable59100035460591000354605555405910003546062646059100059100059100035460

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Admire County Bank agrees to lend Swifty Brick Company $591000 on January 1. Swifty Brick Company signs a $591000, 8%, 9. month note. The entry made by Swifty Brick Company on January 1 to record the proceeds and issuance of the note is O Cash Interest Expense Notes Payable Cash Notes Payable Interest Expense Cash Notes Payable Cash Interest Expense Notes Payable Interest Payable 591000 35460 591000 35460 555540 591000 35460 626460 591000 591000 591000 35460

Admire County Bank agrees to lend Swifty Brick Company $591000 on January 1. Swifty Brick Company signs a $591000, 8%, 9. month note. The entry made by Swifty Brick Company on January 1 to record the proceeds and issuance of the note is O Cash Interest Expense Notes Payable Cash Notes Payable Interest Expense Cash Notes Payable Cash Interest Expense Notes Payable Interest Payable 591000 35460 591000 35460 555540 591000 35460 626460 591000 591000 591000 35460

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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