Exercise 262 (Part Level Submission) On March 1, Cooper Company borrows $80,000
ID: 2590806 • Letter: E
Question
Exercise 262 (Part Level Submission)
On March 1, Cooper Company borrows $80,000 from New National Bank by signing a 6-month, 6%, interest-bearing note.
Prepare the necessary entries below associated with the note payable on the books of Cooper Company.
(a)
Date
Account Titles and Explanation
Debit
Credit
March 1
Exercise 262 (Part Level Submission)
On March 1, Cooper Company borrows $80,000 from New National Bank by signing a 6-month, 6%, interest-bearing note.
Prepare the necessary entries below associated with the note payable on the books of Cooper Company.
Explanation / Answer
(a)
Date Account titles and explanation Debit Credit March 1 Cash $80,000 Notes payable $80,000Related Questions
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