On January1, 2011 citrus retail co. issued a $500,000, 5 year 8%installment note payable with...
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Accounting
On January1, 2011 citrus retail co. issued a $500,000, 5 year 8%installment note payable with payments of $100,000 principle. Plus intrest due on January 1st of each year for the next 5 years.
A Prepare adjusting journal entry for december 31 to accrue for the year.
B) Show the account(s) an amount(s) and where it will appear on a mulity step income statement prepared december 31 2011.
C) Show acount(s) and amount(S) and where they will appear on an classified balance sheet prepared december 31 2011.
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