On November 16,Predator Company Borrowed $112,000 from DT Bank

question 48

Essay

On November 16,Predator Company borrowed $112,000 from DT Bank.The loan had an interest rate of 10% and was due in 90 days.Predator Company's fiscal year-end is December 31.
Prepare the journal entry to record the payment of the note on Predator's books.

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Definitions:

Hypothetical

Pertains to something that is supposed or assumed to be true or possible for the sake of argument or investigation.

Retrieval

The process of getting information out of memory storage and back into conscious awareness.

Memory Storage

The process of maintaining information over time and across varying conditions, a fundamental aspect of the human cognitive system.

Persistence

The quality of continuing steadfastly or firmly in a course of action despite difficulties or opposition.