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Crane Company borrows $36,000 on July 1 from the bank by signing a $36,000, 8%, one-year note payable. (a) Prepare the journal entry to record
Crane Company borrows $36,000 on July 1 from the bank by signing a $36,000, 8%, one-year note payable.
| (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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Secretarial Audit Compliance Management And Due Diligence CS Professional New Course
Authors: AJ
16th Edition
9390303842, 978-9390303847
