Prepare Journal Entries Without Explanations for the Following Transactions Involving $\$ 10,000$

question 63

Essay

Prepare journal entries without explanations for the following transactions involving notes payable for Willson Company,whose fiscal year ends September 30.
Sept. 10 Received cash for a 60 -day, 12 percent, $\$ 10,000$ note payable. Interest is in addition to the face value.
30 Made end-of-year adjusting entry to accue interest expense for the note.

Nov. 9 Paid amount due on the note plus interest.

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Definitions:

Schizophrenia

A complex, long-term medical disorder characterized by disordered thoughts, beliefs, and perceptions, leading to a disconnect from reality (psychosis).

Medical Model

A framework that views psychological disorders as the result of biological factors and treats them with medical interventions.

Abnormal Behaviour

Actions, thoughts, or emotions that are considered deviant by society's standards, potentially interfering with an individual's functioning.

Avoidance-Avoidance Conflict

A psychological situation involving a choice between two negative or undesirable options.