Thomas Company took out a loan on July 1, 2025, and issued a 12-month note at 4%
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Question:
Thomas Company took out a loan on July 1, 2025, and issued a 12-month note at 4% interest with a face value of $400,000. Thomas accrues interest at its December 31, 2025 year-end.
Required: Create the year-end adjusting journal entry for 12/31/25
Related Book For
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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