A business issued a 30-day, 7% note for $36,000 to a creditor on account. Illustrate the effects on the

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A business issued a 30-day, 7% note for $36,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording

 

(a) the issuance of the note and

 

(b) the payment of the note at maturity, including interest.

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    • exercise_8-2_notes_payable.xls