Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9 month note. The entry made by Blossom Company on January 1 to record the proceeds and issuance of the note is Cash 320000 Interest Expense 14400 Notes Payable Interest Payable 320000 14400 Cash 320000 14400

Moss County Bank agrees to lend the Blossom Company $320000 on January 1. Blossom Company signs a $320000, 6%, 9 month note. The entry made by Blossom Company on January 1 to record the proceeds and issuance of the note is Cash 320000 Interest Expense 14400 Notes Payable Interest Payable 320000 14400 Cash 320000 14400

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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