Wednesday, August 10, 2011

How do you journalize and adjust entries for $30,000 of notes payable that are due for payment next year?

I have an excel ignment due tomorrow. My Income Statement comes out correctly given the numbers my instructor provided, but I cannot get my Balance Sheet to equal. The problem I think is my entry for the notes payable question. How do I journalize and adjust entries (if needed) for $30,000 of notes payable that are due in the next year? Thanks in advance for any help.

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