Assume that on September 1, 2017, Mom & Pop borrowed $32,000 cash from Frost Bank...
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Accounting
Assume that on September 1, 2017, Mom & Pop borrowed $32,000 cash from Frost Bank and signed a promissory note that matures in nine months. The interest rate was 7 percent payable at maturity. The accounting period ends December 31. Assuming the note is paid in full at maturity.in 2018 when the payment of the note is recorded, the credit to Cash will be
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