Prepare bobs journal entry to record the issuance of the

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Reference no: EM13392295

On November 1, Bob's Skateboards signed a $12,000, 90-day, 5% note payable to cover a past due account payable.

Required:

a. What amount of interest expense on this note should Bob's Skateboards report on year-end December 31?

b. Prepare Bob's journal entry to record the issuance of the note payable.

c. Prepare Bob's journal entry to record the payment of the note on February 1 of the following year.

Reference no: EM13392295

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