Analyze the Adjustments Needed for the Following Transactions Involving Notes

question 92

Essay

Analyze the adjustments needed for the following transactions involving notes payable for Marcus Company,whose fiscal year ends September 30.Round all numbers to the nearest penny.
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$\begin{array}{llr} \text { Sept. 10 } & \text { Received cash for a 60 -day, \( 12 \%, \$ 10,000 \) note payable. Interest is in addition to the face val } \\\quad\quad30 & \text { Made end-of-year adjusting entry to accrue interest expense for the note. } \\ \text {Nov. 9 } & \text { Paid amount due on the note plus interest. } \end{array}$

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Definitions:

Breccia

A coarse-grained sedimentary rock composed of angular fragments, usually formed at a fault zone or by volcanic activity.

Sandstone

A sedimentary rock composed mainly of sand-sized mineral particles or rock fragments, often used in building and construction.

Sedimentary Clasts

Fragments or grains of rock or mineral that have been broken from a pre-existing rock and transported, eventually being deposited as sedimentary rock.

Steepness Of Slope

A measure of the inclination of a surface or a line in relation to the horizontal plane, significant in determining the speed and direction of water flow and erosion.