On january 2nd premier sales borrows 13500 cas on a note

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On January 2nd, Premier Sales borrows $13,500 cas on a note payable from Trusted Lenders with terms 90 days, 12%. Premier Sales and Trusted Lenders use a 360 day year for calculations. Premier Sales makes adjusting entries at the end of each calendar quarter. Journalize the initiation of the loan, the recognition of interest expense for the quarter and the payment of the note on its due date

Reference no: EM13596761

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