On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli Bank. The present value of the note is $102,000. Record all necessary entries in 2020 if you know the company prepare financial statement semiannually?

On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli Bank. The present value of the note is $102,000. Record all necessary entries in 2020 if you know the company prepare financial statement semiannually?

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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On April 1, 2020, MMM company issues a $105,000, three -month, zero-interest-bearing note to Al-Ahli Bank. The present value of the note is $102,000.

Record all necessary entries in 2020 if you know the company prepare financial statement semiannually?

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