ust 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2 s of the note were $115,200.
ust 1, 2022, Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2 s of the note were $115,200.
Chapter1: Financial Statements And Business Decisions
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On August 1, 2022. Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2022. The
proceeds of the note were $115,200.
c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022.
2. Record the journal entry to show the effects of recording interest expense for the month of September.
3. Record the journal entry to show the effects of repaying the note on December 31, 2022.
Complete this question by entering your answers in the tabs below.
Required C1 Required C2 Required C3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4277a7f1-3b43-455a-9238-4c3129647ef7%2Fb24e486b-6e07-4c5a-92e2-51601aac5fc9%2Fjgr9ki_processed.jpeg&w=3840&q=75)
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Part 4 of 4
Book
Prim
References
Required information.
[The following information applies to the questions displayed below]
On August 1, 2022. Colombo Company's treasurer signed a note promising to pay $121,500 on December 31, 2022. The
proceeds of the note were $115,200.
c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022.
2. Record the journal entry to show the effects of recording interest expense for the month of September.
3. Record the journal entry to show the effects of repaying the note on December 31, 2022.
Complete this question by entering your answers in the tabs below.
Required C1 Required C2 Required C3
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