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6 Adjusting journal entry - expense LO2, 3 On 1 March, Mustafa borrows $62 000 from Northern Lights Bank on a short-term loan. Interest is

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6 Adjusting journal entry - expense LO2, 3 On 1 March, Mustafa borrows $62 000 from Northern Lights Bank on a short-term loan. Interest is paid after three months and annual interest rates are 6 per cent. REQUIRED a Record the adjusting journal entry necessary on 1 May. b Post the 1 May journal entry to the relevant ledger T-accounts

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