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BE10.2 (LO 1) Pom Computers borrows HK$60,000 on July 1 from the bank by signing a HK$60,000, 10%, one-year note payable (amounts in thousands).
BE10.2 (LO 1) Pom Computers borrows HK$60,000 on July 1 from the bank by signing a HK$60,000, 10%, one-year note payable (amounts in thousands). a. Prepare the journal entry to record the proceeds of the note. b. Prepare the journal entry to record accrued interest at December 31, assuming adjusting entries are made only at the end of the year.
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Survey of Accounting
Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor
4th edition
77862376, 978-0077862374
