On December 31, 20X1, the Notes Payable account at Cheries Boutique Shop had a balance of $72,000.
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On December 31, 20X1, the Notes Payable account at Cherie’s Boutique Shop had a balance of $72,000. This amount represented funds borrowed on a six-month, 6 percent note from the firm’s bank on December 1. Prepare the adjusting journal entry for interest expense on this note that should be recorded for the year ended December 31, 20X1. Omit descriptions.
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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