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3. Farmer Corporation borrowed $100,000 on November 1, 2011. The note carried a 12 percent interest rate with the principal and interest payable on June

3. Farmer Corporation borrowed $100,000 on November 1, 2011. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2012. a. Prepare the journal entry to record the note on November 1. b. Prepare the adjusting entry to record accrued interest on December 31. Date Accounts Debit Credit
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3. Farmer Corporation borrowed $100,000 on November 1,2011 . The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2012. a. Prepare the journal entry to record the note on November 1. b. Prepare the adjusting entry to record accrued interest on December 31

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