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Joe's Golf Cart Store signed a $15,000, 120-day , 6% note payable to cover a past due account payable. What amount of interest expense on this note should Joe's Golf Cart Store report at year-end, December 31, 2010? Prepare Joe's general journal entry to record the issuance of the note payable. Prepare Joe's general journal entry to record the payment of the note on February 1, 2011.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9944060

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