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51. Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 9-month note. a.
51. Moss County Bank agrees to lend the Sadowski Brick Company $500,000 on January 1. Sadowski Brick Company signs a $500,000, 6%, 9-month note. a. What entry will Sadowski Brick Company make on January 1 to record the proceeds of the note? b. What is the adjusting entry required if Sadowski Brick Company prepares financial statements on June 30? Assume no adjusting entries have been made yet during the year. c. What entry will Sadowski Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued through September 30
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