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at the end of each month with the first installment due on Ja ired: d the issuance of the note payable and the first two month action/event, select "No Journal Entry Required" in the fir answers to 2 decimal places.)

at the end of each month with the first installment due on Ja ired: d the issuance of the note payable and the first two month action/event, select "No Journal Entry Required" in the fir answers to 2 decimal places.)

FINANCIAL ACCOUNTING
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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On January 1, 2024, Middling Company borrows $32,000 by agreeing to a 5%, 4-year note with the bank "Payments of $736.94 are due at the end of each month with the first installment due on January 31, 2024. Required: Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the issuance of the note payable on January 1, 2024. 3 Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit > View general journal
Transcribed Image Text:On January 1, 2024, Middling Company borrows $32,000 by agreeing to a 5%, 4-year note with the bank "Payments of $736.94 are due at the end of each month with the first installment due on January 31, 2024. Required: Record the issuance of the note payable and the first two monthly payments. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the issuance of the note payable on January 1, 2024. 3 Note: Enter debits before credits. Date January 01, 2024 Record entry General Journal Clear entry Debit Credit > View general journal
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