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On August 31, Latty Co. partially refunded $493,000 of its outstanding 10% note payable made one year ago to Dugan State Bank by paying $493,000 plus $49,300 interest, having obtained the $542,300 by using $137,350 cash and signing a new one-year $445,000 note discounted at 9% by the bank.
a) Make the entry to record the partial refunding. Assume Latty Co. makes reversing entries when appropriate
b) Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount
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When Mary Potts arrived at her store on the morning of January 29, she found empty shelves and display racks; thieves had broken in during the night and stolen the entire inventory. Accounting records showed that inventory costing $50,000 on January ..
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question elizabeth has graduated from ucsd and is now employed as a financial analyst at qualcomm. she has been
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How is overhead cost allocated in job costing? Discuss the Treatment of Normal an Abnormal Spoilage under Job Costing.
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