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What is the journal entry for the issuance of the note

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Question - Shea industries, a dental supplies facilitator, borrowed $480,000 cash on October 1, 2013. West bank made the loan in accordance with a short-term revolving credit agreement. Shea issued a 7 month, 12% promissory note with interest payable at maturity. Shea's fiscal period is the calendar year.

What is the journal entry for the issuance of the note by Shea Industries?

What is the appropriate adjusting entry for the note by Shea Industries?

What is the journal entry for the payment of the note by Shea at maturity?

Reference no: EM132158665

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