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Q1) On Nov. 1, Aspen Sports borrowed $75,000 from Chase Bank on a 12%, 90-day note payable.

a. Create Aspen Sports' general journal entry to record issuance of the note payable.

b. Create the needed adjusting entry at December 31 (assuming no adjustments thus far)

c. Create Aspen Sports' general journal entry to record payment of the note at maturity.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921831

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