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Wellington Company had the following transactions involving notes payable.
Nov. 1, 2010 Borrows $90,000 from Olathe State Bank by signing a 3-month, 10% note.
Dec. 31, 2010 Prepares the adjusting entry.
Feb. 1, 2011 Pays principal and interest to Olathe State Bank.
Instructions
Prepare journal entries for each of the transactions.
Outcomes Of Decisions
The consequences or results that follow from the choices individuals make.
Utility Theory
An economic theory that describes how individuals make choices based on their perceived satisfaction or utility from outcomes, aiming to maximize pleasure and minimize pain.
Predict How Feel
the attempt to forecast one’s future emotional states or reactions in specific situations, which can influence decision-making and planning.
Utility Theory
An economic theory that considers the utility or satisfaction a consumer gains from consuming goods and services.
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