Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a $395000, 6%, 9-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note is Cash 395000 Interest Expense 17775 Notes Payable 412775 Cash 395000 Interest Expense 17775 Notes Payable 395000 Interest Payable 17775 Cash 395000 Notes Payable 395000 Interest Expense 17775 Cash 377225 Notes Payable 395000
Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a $395000, 6%, 9-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note is Cash 395000 Interest Expense 17775 Notes Payable 412775 Cash 395000 Interest Expense 17775 Notes Payable 395000 Interest Payable 17775 Cash 395000 Notes Payable 395000 Interest Expense 17775 Cash 377225 Notes Payable 395000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Moss County Bank agrees to lend the Pharoah Company $395000 on January 1. Pharoah Company signs a $395000, 6%, 9-month note. The entry made by Pharoah Company on January 1 to record the proceeds and issuance of the note is
Cash | 395000 | |
Interest Expense | 17775 | |
Notes Payable | 412775 |
Cash | 395000 | |
Interest Expense | 17775 | |
Notes Payable | 395000 | |
Interest Payable | 17775 |
Cash | 395000 | |
Notes Payable | 395000 |
Interest Expense | 17775 | |
Cash | 377225 | |
Notes Payable | 395000 |
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