Kingbird County Bank agrees to lend the Ivanhoe Brick Company $492000 on January 1. Ivanhoe Brick signs a $492000, 6%, 9-month note. What entry will Ivanhoe Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

Kingbird County Bank agrees to lend the Ivanhoe Brick Company $492000 on January 1. Ivanhoe Brick signs a $492000, 6%, 9-month note. What entry will Ivanhoe Brick make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

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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Question

Kingbird County Bank agrees to lend the Ivanhoe Brick Company $492000 on January 1. Ivanhoe Brick signs a $492000, 6%, 9-month
note. What entry will Ivanhoe Brick make to pay off the note and interest at maturity assuming that interest has been accrued to
September 30?

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