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    Note Issuance and the Effect on Financial Statements

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    A business issued a 30-day, 4% note for $60,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording

    A. the issuance of the note and
    B. the payment of the note at maturity,including interest.

    © BrainMass Inc. brainmass.com June 4, 2020, 1:23 am ad1c9bdddf
    https://brainmass.com/business/accounting-for-liabilities/note-issuance-effect-financial-statements-397044

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    Solution Summary

    This attachment illustrates the effects on the accounts and financial statements of a company during the issuance and recording a debt obligation, as well as the payment of the note at maturity, including interest.

    $2.19

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