On jul 1 2009 gerdin company borrowed 100000 the company, Ask an Expert

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On Jul 1, 2009 Gerdin Company borrowed $100,000. The company signed a note payable with interest at 6% per year. The note and interest are due on December 31, 2009 after 6 months. On December 31, 2009, Goode paid $103,000 to settle the debt in full. Assuming no Accruals for interest have been made during the year, transaction analysis of the $103,000 cash payment on December 31, 2009, should reflect the following:
Assets, Liabilities, and stockholder's equity how?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977646

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