Punjab Company borrowed $100,000 on October 5, 2019 by issuing a note payable for 150...
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Accounting
Punjab Company borrowed $100,000 on October 5, 2019 by issuing a note payable for 150 days at 10%. Acme has a calendar year end and does not make reversing entries.
REQUIRED:
Prepare the following journal entries:
1. The issuance of the note on October 5, 2019
2. Adjusting entry on December 31, 2019
3. The payment of the note on __________?
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