West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a $280000, 6%, 6-month note. The entry made by Cullumber Company on January 1 to record the proceeds and issuance of the note is Interest Expense 4200 Cash 275800 Notes Payable 280000 Cash 280000 Interest Expense 8400 Notes Payable 288400 Cash 280000 Notes Payable 280000 Cash 280000 Interest Expense 8400 Notes Payable 280000 Interest Payable 8400
West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a $280000, 6%, 6-month note. The entry made by Cullumber Company on January 1 to record the proceeds and issuance of the note is Interest Expense 4200 Cash 275800 Notes Payable 280000 Cash 280000 Interest Expense 8400 Notes Payable 288400 Cash 280000 Notes Payable 280000 Cash 280000 Interest Expense 8400 Notes Payable 280000 Interest Payable 8400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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West County Bank agrees to lend Cullumber Company $280000 on January 1. Cullumber Company signs a $280000, 6%, 6-month note. The entry made by Cullumber Company on January 1 to record the proceeds and issuance of the note is
| Interest Expense | 4200 | |
| Cash | 275800 | |
| Notes Payable | 280000 |
| Cash | 280000 | |
| Interest Expense | 8400 | |
| Notes Payable | 288400 |
| Cash | 280000 | |
| Notes Payable | 280000 |
| Cash | 280000 | |
| Interest Expense | 8400 | |
| Notes Payable | 280000 | |
| Interest Payable | 8400 |
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