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Wellington Company had the following transactions involving notes payable.
Nov. 1, 2013 Borrows $150,000 from Olathe State Bank by signing a 3-month, 10% note.
Dec. 31, 2013 Prepares the adjusting entry.
Feb. 1, 2014 Pays principal and interest to Olathe State Bank.
Instructions
Prepare journal entries for each of the transactions.
Committed
Showing dedication and loyalty to a cause, activity, or job; wholeheartedly dedicated.
Identify
The process of recognizing or establishing who someone is or what something is, often involving distinguishing characteristics or traits.
Learning Organizations
Organizations that continuously evolve by creating, acquiring, and transferring knowledge, and adapting their behavior to reflect new knowledge and insights.
Acquire
The act of obtaining something, such as a company purchasing another company, or an individual gaining knowledge or skills.
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