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Exercise 8-3(algo) record notes payable (lO8-2)

Exercise 8-3(algo) record notes payable (lO8-2)-example-1
User Bas Que
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Here are the journal entries for the transaction:

August 1, 2024

Cash 20,400,000

Notes Payable 20,400,000

(To record the $20.4 million notes payable)

December 31, 2024

Interest Expense 765,000

Notes Payable 765,000

(To record $765,000 of interest expense on the note at maturity)

July 31, 2025

Notes Payable 20,400,000

Cash 20,400,000

(To pay off the $20.4 million note payable)

User Locoboy
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