Moss County Bank agrees to lend the Blossom Company $485000 on January 1. Blossom Company signs a $485000, 6%, 9-month note. What entry will Blossom Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 307

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Moss County Bank agrees to lend the Blossom Company $485000 on January 1. Blossom Company signs a $485000, 6%, 9-month
note. What entry will Blossom Company make to pay off the note and interest at maturity assuming that interest has been accrued to
September 30?
Interest Expense
Notes Payable
Cash
Notes Payable
Interest Payable
Cash
Interest Payable
Notes Payable
Interest Expense
Cash
21825
485000
485000
21825
14550
485000
7275
506825
506825
506825
Transcribed Image Text:Current Attempt in Progress Moss County Bank agrees to lend the Blossom Company $485000 on January 1. Blossom Company signs a $485000, 6%, 9-month note. What entry will Blossom Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30? Interest Expense Notes Payable Cash Notes Payable Interest Payable Cash Interest Payable Notes Payable Interest Expense Cash 21825 485000 485000 21825 14550 485000 7275 506825 506825 506825
Notes Payable
Cash
Notes Payable
Interest Payable
Cash
Interest Payable
Notes Payable
Interest Expense
Cash
Notes Payable
Cash
D
485000
485000
21825
14550
485000
7275
506825
506825
506825
506825
506825
Transcribed Image Text:Notes Payable Cash Notes Payable Interest Payable Cash Interest Payable Notes Payable Interest Expense Cash Notes Payable Cash D 485000 485000 21825 14550 485000 7275 506825 506825 506825 506825 506825
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