(Answered) Question - rayborn company obtains 20000 in cash by signing

Accounting

Question - Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month, $20,000 note payable to First Bank on July 1. Rayborn's fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? What disclosure is required? Why is this important?

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