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Question 1: Show what Mission Co. reports for the note payable and related interest payable on its balance sheet at December 31, 2019, and on its income statement for the year ended on that date.
(Reporting a short-term note payable and the related interest Interest Expense, $800)
[(S11-1 On July 31, 2019, Mission Co. purchased $32,000 of inventory on a one-year, 6 percent note payable. Journalize the company's (a) accrual of interest expense on December 31, 2019, and (b) payment of the note plus interest on July 31, 2020.)
(Accounting for a note payable Credit Cash for $33,920)]
Question 2: Record the following note payable transactions of Lambda Company in the company's general journal. Explanations are not required.
2019
2020
westpac chief admits banks failed in the bushthe rush by banks to shut branches in rural areas over the past decade was
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