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Unformatted text preview: Prepare the journal entry for the payment of the note at maturity. Problem #1: a., b & c. General Journal Date Account Dr Cr A. Cash 24,000,000 Notes Payable 24,000,000 B. Interest Expense ($24,000,000 X 12% X 4/12) 960,000 Interest Payable 96,000 C. Interest Expense ($24,000 X 12% X 5/12) 1,200,000 Interest Payable (from adjusting entry) 960,000 Notes Payable (face amount) 24,000,000 Cash (total) 26,160,000...
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This note was uploaded on 02/29/2012 for the course INTERMEDIA 301 taught by Professor ?? during the Spring '12 term at Post.
- Spring '12