Danali Corporation borrowed $290,000 on October 1. The note carried a 10 percent interest rate with the
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Danali Corporation borrowed $290,000 on October 1. The note carried a 10 percent interest rate with the principal and interest payable on May 1 of next year. Prepare the journal entry to record the note on October 1. Prepare the adjusting entry to record accrued interest on December 31, the end of Danali’s fiscal year.
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Related Book For 
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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