Chapter 13 - Test Bank 172 - 117 On Chu Industries issued...

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AACSB: Analytic AICPA FN: Measurement Blooms: Apply Difficulty: 3 Hard Learning Objective: 13-02 Account for the issuance and payment of various forms of notes and record the interest on the notes. Learning Objective: 13-03 Characterize accrued liabilities and liabilities from advance collection and describe when and how they should be recorded. Topic: Accrued liabilities Topic: Short-term notes payable
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Unformatted text preview: 117. On June 30, 2013, Chu Industries issued 9-month notes in the amount of $700,000. Assume that interest is payable at maturity in the following three independent cases: Required: Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption:...
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