• Assume Strand Corp borrowed $200,000 from the bank on 7/1/20; Strand is a calendar year-end. Interest rate 6%. It is a 1 year note, payable at the end of 1 year. Make the necessary journal entry on 7/1/20, 12/31/20 and 6/30/21

• Assume Strand Corp borrowed $200,000 from the bank on 7/1/20; Strand is a calendar year-end. Interest rate 6%. It is a 1 year note, payable at the end of 1 year. Make the necessary journal entry on 7/1/20, 12/31/20 and 6/30/21

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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Module 11 Part I: Chapter Problems
B, Assignment
Please complete the following item:
Assume Strand Corp borrowed $200,000 from the bank on 7/1/20; Strand is a calendar
year-end. Interest rate 6%. It is a 1 year note, payable at the end of 1 year. Make the
necessary journal entry on 7/1/20, 12/31/20 and 6/30/21
If vou are not familiar with

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