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Can you answer question 6 and 7 please Question 6 On October 15, 20x8, Brownstone Corporation borrowed $125,000 from City Bank on a 6-month, 4%,
Can you answer question 6 and 7 please
Question 6 On October 15, 20x8, Brownstone Corporation borrowed $125,000 from City Bank on a 6-month, 4%, note. The year-end adjusting entry (rounded to the closest dollar) for this note includes: Debit to Interest Expense, 51,042 Credit to Interest Payable. $5,000 Credit to Note Payable, $2,500 Credit to Interest Payable, 5833 Debit to interest Expense. 5417 Question 7 Continuing with #6. On October 15, 2008. Brownstone Corporation borrowed $125,000 from City Bank on a 6 month. 4% nole. On the maturity date, the entry would include (rounded to the closest dollar) Credit to Cash $130.000 Detto interest Expense 51458 Detta Nots Payable. $127.500 Debt totaal 51.042Step by Step Solution
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