LO 10-2 LO 10-2 M10-6 Recording Notes Payable Greener Pastures Corporation borrowed $1,000,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. Show the accounting equation effects and prepare the journal entries for (a) the note issued on November 1 and (b) the interest accrual on December 31. M40

LO 10-2 LO 10-2 M10-6 Recording Notes Payable Greener Pastures Corporation borrowed $1,000,000 on November 1, 2021. The note carried a 9 percent interest rate with the principal and interest payable on June 1, 2022. Show the accounting equation effects and prepare the journal entries for (a) the note issued on November 1 and (b) the interest accrual on December 31. M40

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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