Sweet, Inc. issued a $120,000, 4-year, 8% note at face value to Flint Hills Bank on January 1, 2025, and received $120,000 cash. The note requires annual interest payments each December 31. Prepare Sweet's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date (a) (b) Account Titles and Explanation Debit Credit

Sweet, Inc. issued a $120,000, 4-year, 8% note at face value to Flint Hills Bank on January 1, 2025, and received $120,000 cash. The note requires annual interest payments each December 31. Prepare Sweet's journal entries to record (a) the issuance of the note and (b) the December 31 interest payment. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date (a) (b) Account Titles and Explanation Debit Credit

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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