princessheaven3596 princessheaven3596

25-08-2022
Business

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Chico Company borrowed $40,000 on a four-year, 8% installment note. How will Chico record the issuance of this note?

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smecloudbird17 smecloudbird17

01-09-2022

The Chico Company will record the issuance of this note by issuing a Long-Term Installment note that will expands the resources record i.e. cash and also expands the liability account i.e. Installments Note for the presumptive worth of the note or face value of the note.

Cash Borrowed = $40,000

Long-term note = $40,000

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