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(6 points) On November 1, 2016, Y borrowed $900,000 at 5%. Y pays interest every 6 months with interest payments every May 1 and November
- (6 points) On November 1, 2016, Y borrowed $900,000 at 5%. Y pays interest every 6 months with interest payments every May 1 and November 1. Y repaid $600,000 of the principal on November 1, 2017 and the remainder on May 1, 2018. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on:
- November 1, 2016
- December 31, 2016
- May 1, 2017
- November 1, 2017
- December 31, 2017
- May 1, 2018
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Introductory Accounting Finance And Auditing For Lawyers
Authors: Lawrence Cunningham
7th Edition
1634604105, 9781634604109
