Home / Questions / Rayborn Company obtains $20000 in cash by signing a 9% 6-month $20000 note payable to Firs...
Rayborn Company obtains $20,000 in cash by signing a 9%, 6-month. $20,000 note payable to First Bank on July 1. Rayborn’s fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements?
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