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Exercise Algo Record notes payable and reclassify debt LO
On September Lindsey Engineering borrows $ cash. The loan is made by FirstLending, under the agreement that Lindsey will repay the principal with four payments of $ Payments are due by October each year, with the first payment being due October next year Interest on the borrowing is and Lindsey's yearend is December
Required:
to Record the necessary entries in the Journal Entry Worksheet below. If no entry is required for a particular transactionevent select No Journal Entry Required" in the first account field.
Answer is not complete.
tableNoDate,General Journal,Debit,CreditSeptember Cash,,Notes Payable longtermDecember Interest Expense,,Interest Payable,,December Notes Payable longtermNotes Payable current
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