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23-04-2024
Business

Answered

Easy company had the following transactions related to note payables
• 9/1/20X1 Borrowed $24,000 from Ace Bank and signed an 8% note due in 6 months
• 12/1/20X1 Borrowed $50,000 from Leeward Bank and signed a 9% note due in 1 year
• 12/31/20X1 Accrued interest on Ace Bank note
12/31/20X1 Accrued interest on Leeward Bank note
• 3/1/20X2 Paid the principal and interest on Ace Bank note
12/1/20X2 Paid the principal and interest on Leeward Bank note

Answer :

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