The following are selected transactions of Talley Company. Talley prepares financial statements quarterly. Instructions (a) Prepare journal

Question:

The following are selected transactions of Talley Company. Talley prepares financial statements quarterly.

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Instructions

(a) Prepare journal entries for the above transactions and events.

(b) Post to the accounts Notes Payable. Interest Payable, and Interest Expense.

(c) Show the balance sheet presentation of notes payable at December 31.

(d) What is total interest expense for the year?

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