Question Financial Accounting: On December 1, 2008, Old World Deli signed a $300,000, 5%, six- month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2009. Old World Deli records the appropriate adjusting entry for the note on December 31, 2008. What amount of cash will be needed to pay back the note payable plus interest on June 1, 2009?
Question Financial Accounting: On December 1, 2008, Old World Deli signed a $300,000, 5%, six- month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2009. Old World Deli records the appropriate adjusting entry for the note on December 31, 2008. What amount of cash will be needed to pay back the note payable plus interest on June 1, 2009?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 11E
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