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On December 1,2018,Foggy Bottom Co

question 157

Essay

On December 1,2018,Foggy Bottom Co.borrowed $360,000 from Atlantic National Bank,and signed a 9% note payable due in one year.Interest on the note is due at maturity.
Required:
Part a.Prepare the journal entry to record the borrowing transaction.
Part b.Prepare the required adjusting entry on December 31,2018.
Part c.Prepare the journal entry to record the payment of the interest on December 1,2019.
Part d.Prepare the journal entry to record the payment of the note on December 1,2019.


Definitions:

Unexamined Ethnic Identity

A stage or condition where an individual has not critically explored or reflected upon their own ethnic heritage and cultural identity.

Cultural Practices

The shared activities, traditions, rituals, and customs that characterize a culture or social group.

Ethnic Majority

The group within a given population or society that comprises the majority of members sharing the same cultural, linguistic, or racial background.

Social Learning View

The theory that suggests people develop prejudice and stereotypes about members of various groups in the same way they learn other attitudes, beliefs, and values.

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