Question
3. Rax Company borrowed $30,000 from the bank signing a 8%, 5 month note on June 1. Principal and interest are payable to the bank
3. Rax Company borrowed $30,000 from the bank signing a 8%, 5 month note on June 1. Principal and interest are payable to the bank on November 1. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on June 30 would be:
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Auditing And Assurance Services
Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau
9th Edition
1266796851, 9781266796852
