On September 1, 2014, XYZ Borrowed $100,000 on a 9

question 21

Essay

On September 1, 2014, XYZ borrowed $100,000 on a 9%, two-year, note payable.Simple interest is payable on August 31, 2015 and 2016.XYZ's reporting year ends December 31 and the company does not use reversing entries for interest.The required entry on August 31, 2001, is:

---

Definitions:

Social Reformers

Individuals or groups who advocate for changes in society to address injustices and inequalities.

Avoidable Social Causes

Avoidable social causes are factors within society that can be prevented or altered through changes in policies, practices, or awareness, to reduce negative outcomes.

Americans

Residents or citizens of the United States, often characterized by a diverse set of cultural, ethnic, and political backgrounds.

Years

Units of time equal to 365 days (or 366 days in a leap year), used to measure the passage of time.