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Read the requirements. Aug 1 Inventory 56,000 Note Payable, Short-term 56,000...

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Question

Accounting

Read the requirements.
Aug 1
Inventory
56,000
Note Payable, Short-term
56,000
Requirement 2. Make the adjusting entry for accrual of interest on the note payable on December 31,2022.(Record
Journal Entry
Requirement 3. At December 31,2022, what is reported on the balance sheet related to this note payable? (If an inp
Balance Sheet (partial) on December 31,2022
Account
Amount
Current liabilities:
Note payable, short-term
Interest payable
Requirements
Journalize the company's purchase of inventory.
Make the adjusting entry for accrual of interest on the note payable on December 31,
At December 31,2022, what is reported on the balance sheet related to this
note payable?
Record the payment of the note payable (principal and interest) on its maturity date.
Requirement 4. Record the payment of the note payable (principal and interest) on its maturity date. (Record debits first, then credits. Exclude explanations from journal entries.)
Journal Entry
image

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