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Assume on May 1, ABC Company borrows % 500,000 from Bad Bank. The borrowing arrangement is for six ( 6) months with an interest rate

Assume on May 1, ABC Company borrows % 500,000 from Bad Bank. The borrowing arrangement is for six ( 6) months with an interest rate at 12% Assume further that ABC has a June 30 fiscal year end. Needs journal entry for May 1, June 30 and November 1.

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