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On October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash O Notes Payable Interest Payable Cash O Notes Payable Interest Expense Interest Payable Cash O Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500

On October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash O Notes Payable Interest Payable Cash O Notes Payable Interest Expense Interest Payable Cash O Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500

FINANCIAL ACCOUNTING
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 October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Interest Expense Interest Payable Cash Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500
Transcribed Image Text:On October 1, 2025, Conway, Inc. borrowed $220,000 by signing a nine-month, 10% note payable. Interest was accrued on December 31, 2025. What is the journal entry on July 1, 2026, the date the note was paid? O Notes Payable 220,000 16,500 Interest Expense Cash Notes Payable Interest Payable Cash Notes Payable Interest Expense Interest Payable Cash Notes Payable Interest Payable Interest Expense Cash 220,000 16,500 220,000 11,000 5,500 220,000 11,000 5,500 236,500 236,500 236,500 236,500
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