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Problem - Notes Payable and Interest - On July 1, 2016, Jo's Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount. Jo's uses a calendar year-end.
Required -
1. Prepare the journal entry on July 1 to record the issuance of the promissory note.
2. Prepare any adjusting entries needed at year-end.
3. Prepare the journal entry on May 1 to record the payment of principal and interest.
Prepare a memorandum setting out, with full supporting reasons and reference to relevant provisions of the Income Tax Act, the potential taxation consequences arising from the proposed transaction from the perspectives of both ART (Pty) Ltd and RK..
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Sunset Graphics often buys inventory after receiving a sales order from the customer. Suppose you are asked (no need to) to prepare one UML class diagram that combines both the sales and collection process and the purchases and payments process. what..
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