Issued, on January 01, 2000, a four-year note to XYZ Bank. Face value of the note, is $40,000. It is a 5% note. HINT: Chapter 12, Notes Payable, Example 12.2 REQUIRED: 1A). 1B). 1C). 1D). 1E). 1F). - 1G). A journal entry for the issuance of the note on January 01, 2000. A journal entry for interest accrued on December 31, 2000. A journal entry for interest accrued on December 31, 2001. A journal entry for interest accrued on December 31, 2002. A journal entry for interest accrued on December 31, 2003. A journal entry for payment of the interest on December 31, 2003. A journal entry for payment of the note to XYZ Bank on December 31, 2003.

Issued, on January 01, 2000, a four-year note to XYZ Bank. Face value of the note, is $40,000. It is a 5% note. HINT: Chapter 12, Notes Payable, Example 12.2 REQUIRED: 1A). 1B). 1C). 1D). 1E). 1F). - 1G). A journal entry for the issuance of the note on January 01, 2000. A journal entry for interest accrued on December 31, 2000. A journal entry for interest accrued on December 31, 2001. A journal entry for interest accrued on December 31, 2002. A journal entry for interest accrued on December 31, 2003. A journal entry for payment of the interest on December 31, 2003. A journal entry for payment of the note to XYZ Bank on December 31, 2003.

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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