Algonquin Provincial Bank Agrees to Lend Grimwood Brick Company $80,000

question 83

Short Answer

Algonquin Provincial Bank agrees to lend Grimwood Brick Company $80,000 on January 1. Grimwood Brick Company signs an $80,000, 9-month, 5% note.
-The entry made by Grimwood Brick Company on January 1 to record the proceeds and issue of the note is:

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Definitions:

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Behavioral Potential

The capacity for a particular behavior or set of behaviors in a given environment or situation.

Relatively Permanent Change

A lasting alteration in behavior or knowledge due to experience or learning.

Experience

The knowledge or skill acquired by a period of practical involvement in an activity or exposure to events or situations.