Answered: On October 1, Eli's Carpet Service…

On October 1, Eli's Carpet Service borrows $125,000 from Bank on a 3 month, $125,000, 8% note. What entry must Eli's Carpet Service make on December 31 before financial statements are prepared?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1CE

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On October 1, Eli's Carpet Service borrows $125,000 from Bank on a 3 month, $125,000, 8% note. What entry must Eli's Carpet Service make on December 31 before financial statements are prepared?

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