On the last day of October, Ready Company borrows $30,000 on a bank note for 60 days
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On the last day of October, Ready Company borrows $30,000 on a bank note for 60 days at 1 2 percent interest. Interest is not included in the face amount. Prepare the following entries in journal form: (1) October 31, recording of note; (2) November 30, accrual of interest expense; and (3) December 30, payment of note plus interest. E-3
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