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Prepare journal entries for the date of issue

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Question - On November 1, 2015 Porter Company borrows $ 10,000 from its bank for a period ending on April 30, 2016 by issuing a $10,000 note payable which carries an annual interest rate of 12%. Prepare journal entries for i) the date of issue, ii) the December 31 year end, and iii) the maturity date. (USE exact days rather than months for your interest calculations. You may round all calculations to the nearest $).

Reference no: EM132088723

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